LIGONG ENERGY TECH(002322) 海通国际·2025-01-05 03:48Investment Rating - The report initiates coverage with an "Outperform" rating for the company, with a target price of RMB 22.17 based on a 25x PE for 2024 and a 20x PE for 2025 [2][14]. Core Insights - The company is a leader in power cost software and smart instruments, focusing on smart environmental protection and grid construction, enhancing domestic innovation capabilities [14]. - The company has shown strong profit growth in the first three quarters of 2023, with a net profit attributable to shareholders increasing by 39.41% year-on-year [11]. - The report highlights the company's commitment to digital, intelligent, and green development, promoting domestic smart instruments and expanding into energy storage and new core businesses [12][13]. Financial Performance and Forecast - The company's revenue for 2022 was RMB 973 million, with projections of RMB 1,098 million for 2023, RMB 1,223 million for 2024, RMB 1,419 million for 2025, and RMB 1,638 million for 2026, reflecting a compound annual growth rate [2]. - Net profit is expected to grow from RMB 215 million in 2022 to RMB 246 million in 2023, RMB 336 million in 2024, RMB 421 million in 2025, and RMB 508 million in 2026, indicating a strong upward trend [2][14]. - The report forecasts a gross profit margin of 60.7% for 2023, slightly declining to 59.5% in 2024, and then stabilizing around 60% in the following years [2][9]. Business Segmentation - Software sales are projected to generate revenue of RMB 541.91 million in 2023, with a growth rate of 7.11%, and expected to reach RMB 720.14 million by 2026 [5]. - The power monitoring segment is anticipated to grow significantly, with revenues expected to increase from RMB 126.69 million in 2023 to RMB 411.50 million by 2026, reflecting a growth rate of 24.78% in 2023 and 40% in 2026 [5]. - Environmental monitoring revenue is projected to grow steadily, with expected revenues of RMB 427.14 million in 2023 and RMB 503.89 million by 2026, maintaining a stable growth rate [5]. Market Position and Strategy - The company holds a high market share in the nuclear power software and instruments sector and is expanding its offerings in energy storage and portable chromatography [13]. - The company is committed to enhancing its product line and achieving domestic innovation in smart instruments, focusing on overcoming key technological challenges [6][14].