China Leadshine Technology (SZ:002979) Tianfeng Securities·2025-05-19 11:15Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][16]. Core Views - The company is expected to achieve a CAGR of 25% in performance over the next three years, supported by a stock incentive plan that reflects management's confidence [1][4]. - The company has set performance assessment targets with a baseline net profit of CNY 209 million for 2024 and projected net profits of CNY 272 million, CNY 335 million, and CNY 398 million for 2025 to 2027, representing year-on-year growth rates of 30%, 23.08%, and 18.75% respectively [3][4]. - Revenue projections for 2025 have been adjusted to CNY 1.957 billion, with a year-on-year growth of 23.6%, and net profit forecasted at CNY 279 million, reflecting a year-on-year increase of 39.1% [4][5]. Financial Data Summary - Revenue (CNY million): 2023: 1,415.37, 2024: 1,584.28, 2025E: 1,957.40, 2026E: 2,422.68, 2027E: 2,950.69 [5][11]. - Net profit attributable to the parent company (CNY million): 2023: 138.57, 2024: 200.46, 2025E: 278.77, 2026E: 337.99, 2027E: 406.16 [5][11]. - The company’s current market capitalization is CNY 15.12 billion, with a P/E ratio projected at 54.25 for 2025 [6][7].