DSL(603233) 中邮证券·2025-03-02 11:42Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1][7]. Core Views - The company is expected to accelerate profit release in 2025, benefiting from industry cycle adjustments and cost control measures [4]. - The implementation of AI technology is anticipated to enhance operational efficiency and reduce costs [5]. - The company is positioned to gain from policy changes in the Guangxi and Guangdong regions, which may lead to increased revenue [6]. Company Overview - Latest closing price: 15.07 CNY - Total shares: 1.139 billion, with a total market capitalization of 17.2 billion CNY - 52-week high/low: 23.79 CNY / 12.01 CNY - Debt-to-asset ratio: 67.1% - Price-to-earnings ratio: 14.63 [3]. Financial Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are 27.322 billion CNY, 30.147 billion CNY, and 33.330 billion CNY respectively, with net profits of 933.15 million CNY, 1.077 billion CNY, and 1.248 billion CNY [7][9]. - The expected growth rates for revenue are 11.38% in 2024, 10.34% in 2025, and 10.56% in 2026 [9]. - The current price-to-earnings ratios for the forecasted years are 17.8, 15.5, and 13.3 respectively [7].