Farsoon(SH:688433) GF SECURITIES·2024-02-29 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company, with a current price of 22.69 CNY and a target value of 32.81 CNY [33]. Core Views - The company achieved a revenue of 606 million CNY in 2023, representing a year-on-year growth of 32.67%, and a net profit attributable to the parent company of 133 million CNY, up 34.62% year-on-year [29]. - The company is recognized as a leading player in the additive manufacturing sector, with a diverse range of downstream applications [3]. - The company is one of the few globally that possesses independent R&D and production capabilities for 3D printing equipment, materials, and software [29]. - The company is expanding its production capacity to overcome bottlenecks and enhance competitiveness, with significant investments in R&D and manufacturing facilities [30]. Financial Summary - Revenue is projected to grow from 606 million CNY in 2023 to 1,130 million CNY by 2025, with growth rates of 32.7%, 38.8%, and 34.4% respectively [31]. - The net profit attributable to the parent company is expected to increase from 133 million CNY in 2023 to 277 million CNY in 2025, with growth rates of 34.3%, 45.8%, and 42.7% respectively [31]. - The company’s EBITDA is forecasted to rise from 171 million CNY in 2023 to 331 million CNY in 2025 [31]. - The report anticipates a net profit margin of 26% in Q4 2023, indicating a strong profitability trend [29].