Zhejiang Jingsheng Mechanical & Electrical (300316) 东吴证券·2024-02-04 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has launched a "Quality Return Dual Improvement" action plan to support high-quality development in equipment and materials [1] - The company focuses on advanced materials and equipment strategies to enhance development quality, emphasizing continuous innovation and R&D investment [3] - The company has achieved full coverage in photovoltaic equipment, including silicon wafers, batteries, and components [3] - The semiconductor equipment segment is positioned in three major areas: large silicon wafers, advanced packaging, and silicon carbide [3] - The company is expanding its material offerings, including silicon carbide substrates and quartz crucibles, with significant production capabilities [3] Financial Forecast and Valuation - The company is expected to achieve a net profit of 4.703 billion yuan in 2023, 5.805 billion yuan in 2024, and 7.009 billion yuan in 2025, corresponding to P/E ratios of 8.84, 7.16, and 5.93 respectively [2][4] - Revenue is projected to grow from 17.095 billion yuan in 2023 to 25.349 billion yuan in 2025, with year-on-year growth rates of 60.69%, 23.22%, and 20.33% [2][4] - The company has maintained a consistent cash dividend policy, with cumulative dividends exceeding 1.8 billion yuan since its listing [3]