SHANTUI(000680)2024-12-23 01:18Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 9.54, and it is rated as "stronger than the market" [20][26]. Core Views - The company is entering a new development phase with the completion of leadership transition and the acquisition of Shanzhong Construction Machinery, which is expected to enhance growth potential [14]. - The new leadership team has extensive experience in mechanical manufacturing, which is anticipated to accelerate the company's development [14]. - The acquisition of Shanzhong Construction Machinery is projected to significantly increase the company's earnings per share (EPS) in the short term and expand its operational scale in the long term, diversifying revenue sources and enhancing competitiveness [14]. Financial Summary - The company's revenue is projected to grow from RMB 10,541 million in 2023 to RMB 14,367 million in 2024, representing a growth rate of 36.3% [3]. - The net profit is expected to increase from RMB 765 million in 2023 to RMB 1,097 million in 2024, with a growth rate of 43.3% [3]. - The latest diluted earnings per share (EPS) is forecasted to be RMB 0.73 in 2024, up from RMB 0.51 in 2023, reflecting a growth rate of 43.3% [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 18.7 in 2023 to 13.1 in 2024, indicating improved valuation [3]. Valuation - The company’s estimated revenue for 2024-2026 is RMB 143.67 billion, RMB 168.13 billion, and RMB 189.21 billion respectively, with corresponding net profits of RMB 10.97 billion, RMB 14.22 billion, and RMB 16.82 billion [14]. - The projected EPS for 2024-2026 is RMB 0.73, RMB 0.95, and RMB 1.12, with P/E ratios of 13.1, 10.1, and 8.5 respectively [14].