兴业科技：加强越南产能布局-20250226

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company is strengthening its production capacity in Vietnam by acquiring 100% of Fuyuan Technology for $1.5 million and investing an additional 50 million RMB for facility upgrades and equipment purchases [1][2]. - The acquisition aims to enhance local supply capabilities and improve order response times for downstream customers, leveraging Vietnam's advantageous labor costs and logistics infrastructure [2][3]. - The company forecasts earnings per share (EPS) of 0.53 RMB, 0.70 RMB, and 0.91 RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 18.75x, 14.05x, and 10.91x [3][5]. Financial Data and Valuation - The company’s projected revenue for 2024 is 2,847.99 million RMB, with a growth rate of 5.50% compared to 2023 [5][11]. - The expected EBITDA for 2024 is 488.98 million RMB, with a slight decrease from 2023 [5][11]. - The net profit attributable to the parent company is forecasted to be 153.77 million RMB for 2024, reflecting a decline of 17.47% from the previous year [5][11]. - The company’s total assets are projected to be 3,919.06 million RMB in 2024, with a debt-to-asset ratio of 31.45% [11][13].