jiangsu leili(SZ:300660) Guoyuan Securities·2024-02-05 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [5][7]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 310-349 million yuan for the year 2023, representing a year-on-year growth of 20%-35%. The non-recurring profit impact on net profit is estimated to be 25-35 million yuan, primarily due to foreign exchange hedging and product sales structure optimization [1][10]. - The company has successfully launched new industrial control products into mass production, including ball screw products and small-batch supply of hollow cup motors. The R&D progress is promising, with expectations for continued growth in high-end industrial control products [2][10]. - Financial forecasts indicate that the company will generate revenues of 3.46 billion yuan in 2023, with a projected net profit of 341 million yuan, and an EPS of 1.08 yuan per share, with a PE ratio of 18.00 [3][10]. Financial Data and Valuation - Revenue for 2023 is expected to be 3,461.33 million yuan, with a year-on-year growth of 19.36%. The net profit attributable to shareholders is projected at 341.28 million yuan, reflecting a year-on-year increase of 31.91% [3][10]. - The company’s return on equity (ROE) is forecasted to be 10.50% in 2023, with an increasing trend expected in subsequent years [3][10]. - The company’s market capitalization is approximately 5,982.31 million yuan, with a circulating market value of 5,982.31 million yuan [4]. Product Development and Market Position - The company is recognized as a leader in the micro-motor sector, with a diverse business portfolio spanning home appliances, automotive, and medical industries. The strong performance and R&D capabilities position the company favorably for long-term growth [10]. - The company has made significant advancements in high-end industrial control products, including breakthroughs in micro-special motors and intelligent components, which are expected to expand into high-end applications such as laser cutting [2][10].