JSSMDL(603530) China Post Securities·2025-01-14 09:28Investment Rating - The report upgrades the investment rating to "Buy" for the company [5] Core Views - The company is expected to achieve a revenue of no less than 1.3 billion yuan in 2024, representing a year-on-year growth of approximately 40%, with a net profit of around 310 million yuan, reflecting a year-on-year increase of 95.7% [4] - The company has a strong order growth, with a projected contract revenue of no less than 1.5 billion yuan in 2024, also showing a year-on-year growth of about 40% [4] - The overseas market for composite external insulation products is growing rapidly, with a year-on-year increase of 200% [4] Financial Forecasts and Investment Rating - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 1.34 billion yuan, 1.85 billion yuan, and 2.61 billion yuan respectively, with corresponding net profits of 310 million yuan, 420 million yuan, and 580 million yuan [5] - The price-to-earnings ratios (PE) are projected to be 32, 23, and 17 for the years 2024, 2025, and 2026 respectively [5] - The report indicates a significant improvement in profitability, with net profit growth rates of 97.43% and 35.87% for 2025 and 2026 respectively [7]