Absen(SZ:300389) East Money Securities·2024-02-22 16:00Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Insights - The company is expected to achieve a revenue of approximately 4.045 billion yuan in 2023, representing a year-on-year growth of about 45%. The net profit attributable to shareholders is projected to be between 310 million and 350 million yuan, reflecting a growth of 52.7% to 72.4% [1][6]. - The company has a strong overseas presence, with nearly 70% of its revenue coming from international markets. It has established a competitive advantage through its extensive experience in overseas markets and a robust network of partnerships across over 140 countries [3][6]. - The company is actively participating in major sports events, which is driving new demand for its LED display products. It has successfully provided products for international events such as the World Cup and NBA [10][11]. Financial Performance - The company’s revenue is projected to grow from 4.045 billion yuan in 2023 to 5.421 billion yuan in 2024 and 7.275 billion yuan in 2025, with corresponding net profits of 339 million yuan, 432 million yuan, and 550 million yuan respectively [6][16]. - The expected earnings per share (EPS) are forecasted to be 0.93 yuan in 2023, 1.19 yuan in 2024, and 1.51 yuan in 2025, with price-to-earnings (P/E) ratios of 17, 13, and 10 respectively [6][16]. Strategic Initiatives - The company plans to issue convertible bonds to raise 589 million yuan for the construction of manufacturing bases, research centers, and global market networks, which will enhance its production capacity and innovation capabilities [11][6]. - The company has optimized its governance structure, with the chairman increasing his shareholding and implementing employee stock ownership plans to boost team cohesion [9][6].