Kunshan GuoLi Electronic Technology (688103) 华鑫证券·2024-11-28 08:23Investment Rating - The report assigns a "Buy" rating for Guoli Co., Ltd. (688103.SH) [6] Core Views - The company is expanding its overseas market through innovative cooperation models, including a recent partnership with an Indian company, Sterling, to provide advanced technology solutions [6] - Despite short-term performance pressure, the company is investing heavily in R&D, which is expected to lay a solid foundation for long-term growth [5][6] Financial Summary - The company specializes in the R&D, production, and sales of electronic vacuum devices, with strong product scarcity and technical barriers [6] - Revenue projections for 2024-2026 are 919 million, 1.311 billion, and 1.702 billion yuan, respectively, with corresponding EPS of 0.55, 1.68, and 2.46 yuan [6] - The current stock price corresponds to a PE ratio of 75.8, 24.9, and 17.0 for the years 2024, 2025, and 2026, respectively [6] - The company’s revenue for 2023 is reported at 692 million yuan, with a growth rate of -1.1%, followed by a projected growth of 32.8% in 2024 [8] - The net profit for 2023 is 64 million yuan, with a projected decline of 24.9%, but expected to rebound significantly in the following years [8]