Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 245-271 million yuan in 2024, representing a year-on-year growth of 40-55% [5] - The growth is driven by three main factors: rapid order growth from major clients, successful expansion into new regions, and fast response in new product development [5] - The company has a stable gross margin, although an increase in sales expense ratio is anticipated due to the development phase in emerging markets [5] - The profit forecast has been raised, with expected net profits of 260 million yuan in 2024, 349 million yuan in 2025, and 438 million yuan in 2026, reflecting year-on-year growth rates of 49%, 34%, and 26% respectively [5] Financial Data and Profit Forecast - Total revenue (million yuan): 2023: 1,216; 2024E: 1,845; 2025E: 2,420; 2026E: 3,032 [2] - Year-on-year growth rate of total revenue: 2024E: 51.7%; 2025E: 31.1%; 2026E: 25.3% [2] - Net profit attributable to shareholders (million yuan): 2023: 175; 2024E: 260; 2025E: 349; 2026E: 438 [2] - Year-on-year growth rate of net profit: 2024E: 48.6%; 2025E: 34.1%; 2026E: 25.6% [2] - Earnings per share (yuan/share): 2024E: 1.42; 2025E: 1.91; 2026E: 2.40 [2] - Return on equity (ROE): 2024E: 16.1%; 2025E: 19.9%; 2026E: 22.9% [2] Market Data - Closing price (yuan): 39.04 as of January 20, 2025 [3] - Market capitalization (million yuan): 1,869 [3] - Price-to-earnings ratio (PE): 27 for 2024E; 20 for 2025E; 16 for 2026E [5]
欧圣电气：2024年业绩预告点评：收入业绩持续高增，新区域开拓顺利