SANXING(601567) Minsheng Securities·2024-10-26 13:14Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has achieved rapid growth driven by its medical services and intelligent power distribution business, with a year-on-year revenue increase of 25.14% to reach 10.434 billion yuan and a net profit of 1.809 billion yuan, reflecting a year-on-year growth of 21.25% [1]. - The intelligent power distribution segment has shown significant growth, with a 26.54% increase in revenue and a robust order backlog of 15.620 billion yuan, up 35.18% year-on-year [1]. - The comprehensive hospital business has also seen steady growth, with medical service revenue increasing by 21.73% due to improved management and expansion of rehabilitation facilities [1]. - Future revenue projections for 2024-2026 are 14.482 billion yuan, 18.522 billion yuan, and 22.676 billion yuan, with corresponding net profits of 2.301 billion yuan, 2.969 billion yuan, and 3.678 billion yuan, indicating strong growth potential [2][4]. Financial Summary - For 2024, the company is expected to achieve a revenue of 14.482 billion yuan, a 26.3% increase from the previous year, and a net profit of 2.301 billion yuan, reflecting a 20.9% growth [2][4]. - The projected earnings per share for 2024 is 1.63 yuan, with a price-to-earnings ratio (PE) of 20 [2][5]. - The company's gross margin is expected to improve slightly to 35.26% in 2024, while the net profit margin is projected to be 15.89% [4][5].