SCIYON(002380) 华西证券·2025-01-27 10:00Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 235 million to 265 million yuan in 2024, representing a year-on-year growth of 46.17% to 64.83% [2] - The non-recurring net profit is projected to be between 218 million and 248 million yuan, indicating a year-on-year increase of 88.99% to 114.99% [2] - The company's performance is driven by strong industry demand and stable high growth in orders, supported by the dual benefits of autonomous development in industrial automation and the booming demand for industrial AI applications [3] - The core business shows robust performance, with the NT6000 intelligent control system and other key products winning multiple major projects, establishing a leading position in the heavy-duty gas turbine combined cycle control system sector [4] - The expansion into overseas markets is becoming a significant contributor to the company's growth, with increasing global demand for industrial automation and smart manufacturing [5] Financial Summary - The company's revenue forecast for 2024-2026 has been adjusted to 18.69 billion, 24.02 billion, and 29.94 billion yuan, respectively [6] - The net profit forecast for the same period has been revised to 2.51 billion, 3.40 billion, and 4.34 billion yuan [6] - The earnings per share (EPS) estimates have been adjusted to 1.04, 1.42, and 1.81 yuan for 2024-2026 [6] - The projected price-to-earnings (PE) ratios for 2024-2026 are 18.01, 13.27, and 10.40 times, respectively [6] - The company is expected to maintain a gross margin of around 40% in the coming years, with a net profit margin gradually increasing [8]