Jinggong Technology(002006) 甬兴证券·2024-11-27 02:22Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [5][8]. Core Insights - The company has signed a sales contract with Sichuan Zhongyi Huixin New Materials Technology Co., Ltd., with a total contract value of 515.5 million RMB, which is expected to enhance its market expansion efforts [4]. - The domestic carbon fiber equipment market is experiencing rapid growth, with the market share of domestic carbon fiber in China increasing from 31.7% in 2019 to 76.7% in 2023, indicating a strong trend towards domestic substitution [4]. - The sales contract represents approximately 29.62% of the company's audited revenue for 2023, suggesting a significant impact on future operational performance if the contract is executed successfully [4]. Financial Projections - The company is projected to achieve total revenues of 1.776 billion, 2.019 billion, and 2.504 billion RMB for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 15.3%, 13.7%, and 24.0% [5][7]. - Earnings per share (EPS) are expected to be 0.47, 0.57, and 0.78 RMB for the same years, with corresponding price-to-earnings (PE) ratios of 32.80, 27.00, and 19.51 [5][7]. - The net profit attributable to the parent company is forecasted to be 212 million, 258 million, and 357 million RMB for 2024, 2025, and 2026, respectively, with growth rates of 15.8%, 21.5%, and 38.4% [7].