Investment Rating - The report maintains a "Buy - A" investment rating with a 6-month target price of 37.2 CNY, compared to the current stock price of 24.81 CNY as of February 21, 2024 [17][19]. Core Views - The long-term growth logic of the industry remains unchanged, with intelligent operation and maintenance of equipment becoming a powerful means for enterprises to reduce costs and increase efficiency. For instance, Jilin Jianlong Steel has seen non-planned production downtime decrease by 60%-90%, reducing maintenance costs by 20%-30% and spare parts inventory by 20%-30% [3][4]. - The company is a leader in the domestic industrial equipment intelligent operation and health monitoring (PHM) industry, spanning various sectors such as wind power, petrochemicals, steel, coal, and cement. The accumulation of data and case studies gives the company a significant first-mover advantage in relevant models and algorithms [4][16]. - The company is expected to benefit from the continuous upturn in industry prosperity, ongoing penetration and expansion in downstream industries, continuous intelligent upgrades of its products, and gradual upgrades of its business model [4][16]. Financial Summary - The company achieved a revenue of 498 million CNY in 2023, a year-on-year decrease of 8.96%, and a net profit attributable to shareholders of 63.07 million CNY, down 45.65% year-on-year. In Q4 alone, the company reported a revenue of 198 million CNY, a year-on-year decline of 11.73%, but a net profit of 79 million CNY, showing a year-on-year increase of 11.34% [13][15]. - Revenue forecasts for 2023-2025 are 498 million CNY, 588 million CNY, and 656 million CNY, respectively, with net profits of 63 million CNY, 101 million CNY, and 123 million CNY [4][20].
Q4利润环比改善，静待下游需求回暖