Hainan Jinpan Smart Technology (SH:688676) Soochow Securities·2026-02-26 07:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 7.299 billion yuan for 2025, reflecting a year-on-year growth of 6%. The net profit attributable to shareholders is expected to be 660 million yuan, up 15% year-on-year [9] - The company has effectively mitigated the impact of fluctuating tariff policies through proactive business strategies and global capacity coordination, leading to a significant increase in overseas revenue, which has enhanced profitability [9] - The launch of the Yuan Shen ONE series SST products is expected to accelerate the company's growth in the SST market, with a projected market size exceeding 100 billion yuan by 2030 [9] Financial Projections - Total revenue projections for the company are as follows: - 2023: 6.668 billion yuan - 2024: 6.901 billion yuan - 2025: 7.299 billion yuan - 2026: 8.455 billion yuan - 2027: 10.500 billion yuan [1] - Net profit attributable to shareholders is projected to grow as follows: - 2023: 504.66 million yuan - 2024: 574.42 million yuan - 2025: 659.95 million yuan - 2026: 891.92 million yuan - 2027: 1,217.20 million yuan [1] - The earnings per share (EPS) forecast is: - 2023: 1.10 yuan - 2024: 1.25 yuan - 2025: 1.44 yuan - 2026: 1.94 yuan - 2027: 2.65 yuan [1] Market Data - The closing price of the company's stock is 101.88 yuan, with a market capitalization of approximately 46.84 billion yuan [6] - The company has a price-to-earnings (P/E) ratio of 92.82 for 2023, which is expected to decrease to 38.48 by 2027 [1]