LSKJ(300680) 广发证券·2024-12-23 02:05Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market by more than 15% over the next 12 months [46]. Core Insights - The company is positioned strongly in the EGR (Exhaust Gas Recirculation) market, which is expected to grow significantly due to stricter emission standards and the rise of hybrid vehicles [17][70]. - The EGR market is projected to reach approximately 5.2 billion yuan by 2030, with a CAGR of 19.6% from 2024 to 2030, driven by increasing penetration rates in both light and heavy-duty diesel engines as well as hybrid passenger vehicles [71][72]. - The company has a competitive edge in the EGR market, holding a 40% market share, and is well-equipped with technological capabilities and product diversity [17][70]. Financial Summary - The company's revenue is projected to grow from 1,148 million yuan in 2022 to 3,771 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 36.5% [2]. - Operating profit is expected to increase significantly from 71 million yuan in 2022 to 433 million yuan in 2026, indicating strong operational efficiency improvements [2]. - Net profit attributable to the parent company is forecasted to rise from 76 million yuan in 2022 to 384 million yuan in 2026, showcasing robust profitability growth [2]. Key Financial Ratios - The company's asset-liability ratio is projected to increase from 40.9% in 2022 to 53.9% in 2026, indicating a rising leverage position [3]. - The EBITDA is expected to grow from 155 million yuan in 2022 to 594 million yuan in 2026, reflecting improved earnings before interest, taxes, depreciation, and amortization [2]. - Earnings per share (EPS) is anticipated to rise from 0.37 yuan in 2022 to 1.66 yuan in 2026, demonstrating strong earnings growth potential [2].