IBS(SH:603183) Yin He Zheng Quan·2025-04-21 09:08Investment Rating - The report provides a neutral investment rating for the company, indicating that the expected performance is within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company is projected to experience a steady increase in revenue, with expected figures of 9.08 billion in 2024, 9.54 billion in 2025, 10.54 billion in 2026, and 11.54 billion in 2027, reflecting a growth rate of 5.12% in 2025 and 10.48% in 2026 [7]. - The net profit is forecasted to rise from 0.74 billion in 2024 to 1.16 billion in 2027, with a notable increase of 24.63% in 2025 and 14.66% in 2026 [7]. - The company's gross margin is expected to remain stable, with values of 48.43% in 2024, 48.01% in 2025, 49.62% in 2026, and 48.35% in 2027 [7]. Financial Projections - The balance sheet indicates total assets will grow from 22.85 billion in 2024 to 51.89 billion in 2027, with current assets slightly decreasing in 2025 before a significant increase in subsequent years [6]. - Cash flow from operating activities is projected to increase from 1.07 billion in 2024 to 2.19 billion in 2027, indicating improved operational efficiency [6]. - The company’s debt levels are expected to remain low, with total liabilities increasing modestly from 5.95 billion in 2024 to 7.59 billion in 2027 [6]. Key Financial Ratios - The report highlights a projected return on equity (ROE) of 3.76% in 2024, increasing to 4.52% in 2025, but declining to 2.29% by 2027 [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 32.57 in 2024 to 19.98 in 2027, suggesting a potential increase in market valuation over time [7]. - The current ratio is projected to improve significantly from 1.81 in 2024 to 4.86 in 2027, indicating enhanced liquidity [7].