Changgao NEET(002452) 华创证券·2024-03-11 16:00Investment Rating - Strong Buy (Maintained) [25] Core Views - The company achieved a record high single-batch bidding amount in the State Grid's power transmission and transformation project bidding, with a total winning amount of 261 million yuan in the first batch of 2024 [25] - Significant breakthrough in 500kv combined electrical equipment, with a total of 8 sets won in the bidding, amounting to 53.265 million yuan [25] - The company's performance in 2023 showed significant recovery, with a forecasted non-GAAP net profit of 140-175 million yuan, a year-on-year increase of 229%-312% [25] - The company's future growth path is clear, with stable market share in isolating switches, breakthroughs in 500kv combined electrical equipment, and continuous improvement in the competitiveness of other primary and secondary equipment products [25] Financial Summary Balance Sheet (Unit: Million Yuan) - Monetary funds: 705 (2022A), 692 (2023E), 740 (2024E), 785 (2025E) [1] - Accounts receivable: 952 (2022A), 1,116 (2023E), 1,352 (2024E), 1,660 (2025E) [1] - Inventory: 421 (2022A), 518 (2023E), 581 (2024E), 703 (2025E) [1] - Total current assets: 2,329 (2022A), 2,775 (2023E), 3,170 (2024E), 3,732 (2025E) [1] - Total non-current assets: 926 (2022A), 974 (2023E), 979 (2024E), 946 (2025E) [1] - Total assets: 3,255 (2022A), 3,749 (2023E), 4,149 (2024E), 4,678 (2025E) [1] Income Statement (Unit: Million Yuan) - Operating revenue: 1,223 (2022A), 1,711 (2023E), 2,081 (2024E), 2,481 (2025E) [1] - Operating cost: 840 (2022A), 1,155 (2023E), 1,368 (2024E), 1,632 (2025E) [1] - Net profit attributable to parent company: 58 (2022A), 177 (2023E), 310 (2024E), 379 (2025E) [1] - EPS (Diluted): 0.09 (2022A), 0.28 (2023E), 0.50 (2024E), 0.61 (2025E) [1] Key Financial Ratios - Gross margin: 31.3% (2022A), 32.5% (2023E), 34.3% (2024E), 34.2% (2025E) [1] - Net margin: 4.0% (2022A), 10.2% (2023E), 14.8% (2024E), 15.2% (2025E) [1] - ROE: 2.8% (2022A), 7.8% (2023E), 12.2% (2024E), 13.3% (2025E) [1] - ROIC: 3.2% (2022A), 9.3% (2023E), 14.5% (2024E), 15.8% (2025E) [1] Growth Metrics - Revenue growth rate: -19.6% (2022A), 39.9% (2023E), 21.7% (2024E), 19.2% (2025E) [1] - EBIT growth rate: -79.0% (2022A), 239.7% (2023E), 79.7% (2024E), 22.0% (2025E) [1] - Net profit attributable to parent company growth rate: -76.9% (2022A), 204.4% (2023E), 75.7% (2024E), 22.0% (2025E) [1] Valuation Metrics - P/E: 73 (2022A), 24 (2023E), 14 (2024E), 11 (2025E) [1] - P/B: 2.0 (2022A), 1.9 (2023E), 1.7 (2024E), 1.5 (2025E) [1] - EV/EBITDA: 42 (2022A), 17 (2023E), 10 (2024E), 9 (2025E) [1] Company Overview - Total share capital: 620.3321 million shares [14] - Market capitalization: 4.212 billion yuan [14] - Net asset per share: 3.63 yuan [14] - 12-month high/low price: 7.63/4.44 yuan [14] Industry Context - The company operates in the power transmission and transformation equipment industry, with a focus on high-voltage electrical equipment [25] - The industry is driven by infrastructure investments in power grids, with significant opportunities in high-voltage and ultra-high-voltage projects [25]