Xiangyu(600057) 东吴证券·2024-12-02 08:03Investment Rating - The report maintains a "Buy" rating for Xiamen Xiangyu (600057) [1] Core Views - The company has received approval from the Shanghai Stock Exchange for a private placement aimed at raising 3.22 billion yuan, which will be used to supplement working capital and repay debts, potentially accelerating growth [2] - The related party transaction involving the transfer of Jiangsu Delong's debt is progressing steadily, with the company planning to use the book value of the debt (8.97 billion yuan) as the transfer price, which is expected to have no significant negative impact on future performance [3] - The company is projected to benefit from a recovery in manufacturing demand and an increase in industry concentration, with a forecasted net profit of 1.36 billion yuan in 2024, reflecting a year-on-year decline of 14% [4] Financial Forecasts and Valuation - The total revenue for 2024 is estimated at 38.70 billion yuan, down 15.70% year-on-year, with a gradual recovery expected in subsequent years [1] - The projected earnings per share (EPS) for 2024 is 0.61 yuan, with a price-to-earnings (P/E) ratio of 9.91 based on the closing price on November 29 [4] - The company’s dividend yield is high, and its valuation is considered low, supporting the "Buy" rating [4]