北交所信息更新：2023年归母净利润预增61%，拟投设子公司推进市政工程服务业务

Investment Rating - The investment rating for the company is "Outperform" [8] Core Views - The company is expected to achieve a revenue of 485 million yuan in 2023, representing a year-on-year growth of 29.5%, and a net profit of 134 million yuan, which is a 60.8% increase compared to the previous year [9] - The establishment of a wholly-owned subsidiary in Zhengzhou aims to enhance the company's research capabilities in ultra-high pressure equipment and expand its municipal engineering services [4][10] - The company is focusing on high-value-added products, particularly in the shale oil extraction sector, which is expected to drive future growth [9] Financial Summary - Revenue and Profit Forecast: The company forecasts revenues of 485 million yuan in 2023, 564 million yuan in 2024, and 664 million yuan in 2025, with corresponding net profits of 134 million yuan, 149 million yuan, and 172 million yuan [30] - Earnings Per Share (EPS): The projected EPS for 2023 is 1.26 yuan, increasing to 1.40 yuan in 2024 and 1.63 yuan in 2025 [30] - Price-to-Earnings Ratio (P/E): The P/E ratio is expected to decrease from 11.4 in 2023 to 8.8 in 2025, indicating potential undervaluation [30] Business Development - The company is enhancing its product offerings in high-end hydraulic hoses and oil assembly pipes, focusing on domestic substitution opportunities [29] - The investment in the new subsidiary is expected to leverage Zhengzhou's talent and market advantages to strengthen the company's competitive position in the ultra-high pressure equipment sector [4][10]