sundy(300515) 光大证券·2025-01-17 12:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [5]. Core Insights - The company is projected to achieve a significant increase in net profit for 2024, with estimates ranging from 138 million to 152 million yuan, representing a year-on-year growth of 156.81% to 182.86% [1]. - The growth is primarily driven by a substantial increase in the delivery volume of unmanned intelligent equipment products, leading to a rise in operating revenue [1]. - The intelligent equipment business is becoming a second growth curve for the company, with a market demand trend established, particularly in the coal, steel, building materials, and cement sectors [2][3]. Summary by Sections Financial Performance - The company forecasts revenues of 668 million, 830 million, and 1,002 million yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 148 million, 184 million, and 221 million yuan for the same years [4][10]. - The revenue growth rate is projected at 43.83% for 2024, followed by 24.21% and 20.68% in the subsequent years [4]. Business Development - The unmanned intelligent equipment has seen rapid cross-industry development, with successful applications in the coal port sector and contracts in the steel industry [3]. - The company has established itself as a pioneer in unmanned intelligent equipment, with multiple benchmark projects in fuel digital management [2]. Market Outlook - The intelligent equipment market is expected to reach a scale of 10 billion yuan, with additional market space of 2.9 billion to 3.6 billion yuan anticipated from new thermal power projects [2]. - The company is well-positioned to accelerate growth in its intelligent equipment business following the opening of a new factory [2].