Canlon(SZ:300715) EBSCN·2025-01-09 00:34Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The acquisition of Suzhou Jiazhi Color Optoelectronics Co., Ltd. is expected to become a new growth driver for the company, with a cash purchase of up to 510 million yuan for a 51% stake [1][2]. - The target company has a performance commitment to achieve a cumulative net profit of no less than 240 million yuan during the 2025-2027 period [2][3]. - The company is focusing on integrating advanced technologies in the display panel, new energy, and semiconductor industries, with products already in mass production for major brands like Huawei, Honor, and OPPO [3]. Financial Forecasts and Valuation - The company forecasts net profits for 2024, 2025, and 2026 to be -22 million yuan, 87 million yuan, and 111 million yuan respectively, reflecting a gradual recovery [4][9]. - Revenue is projected to decline in 2024 to 2.436 billion yuan, followed by a slight increase to 2.637 billion yuan in 2025 and 2.856 billion yuan in 2026 [4][9]. - The report highlights a projected EPS of 0.23 yuan in 2025 and 0.29 yuan in 2026, indicating a positive trend in earnings per share [4][9]. Key Financial Metrics - The company’s gross margin is expected to improve from 19.5% in 2022 to 24.7% by 2026, indicating enhanced profitability [11]. - The return on equity (ROE) is projected to rise from -6.7% in 2022 to 4.4% in 2026, reflecting improved financial performance [11]. - The company’s total assets are expected to grow from 6.142 billion yuan in 2022 to 7.362 billion yuan by 2026, indicating a strengthening balance sheet [10].