TSP(SZ:300129)2024-02-01 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 8.04 and a sector rating of "Outperform" [1][24]. Core Views - The report highlights the confidence of the controlling shareholder, Guangzhou Kaide, who will fully subscribe to the company's upcoming stock issuance, indicating strong support for the company's future development [7]. - The funds raised from the stock issuance will alleviate operational funding pressures and enhance the company's financial stability, thereby improving its profitability and long-term sustainability [7]. - The company has announced a three-year shareholder return plan, which includes cash dividends, further boosting investor confidence [7]. Financial Summary - The company is projected to achieve revenues of RMB 47.12 billion, RMB 69.95 billion, and RMB 88.50 billion for the years 2023, 2024, and 2025 respectively [7][16]. - The net profit attributable to the parent company is expected to be RMB 4.31 billion, RMB 6.32 billion, and RMB 8.85 billion for the same years [7][16]. - The earnings per share (EPS) are forecasted to be RMB 0.46, RMB 0.68, and RMB 0.95 for 2023, 2024, and 2025 respectively, with corresponding price-to-earnings (P/E) ratios of 17.4, 11.9, and 8.5 [7][16].