Shanghai Friendess(SH:688188) Guoxin Securities·2024-03-20 16:00Investment Rating - The investment rating for the company is "Buy" [2][5] Core Views - The company achieved a revenue of 1.407 billion yuan in 2023, representing a year-on-year growth of 56.61%, and a net profit of 729 million yuan, up 52.01% year-on-year [1][2] - The significant growth in performance is attributed to the optimization of product structure and a substantial increase in orders for laser processing control systems and intelligent cutting heads [1] - The combination of bus systems and intelligent cutting heads has shown remarkable synergy, leading to a significant increase in product sales [1] Financial Performance Summary - In Q4 2023, the company reported a revenue of 416 million yuan, a year-on-year increase of 69.07%, and a net profit of 157 million yuan, up 68.71% year-on-year [1] - The gross margin and net margin for 2023 were 80.33% and 53.55%, respectively, with a slight decrease in net margin by 1.22 percentage points year-on-year [1] - The revenue breakdown for different business segments in 2023 includes: - Revenue from the following systems: - Follow-up systems: 170 million yuan (down 20.63%) - Board card systems: 374 million yuan (up 67.01%) - Bus systems: 327 million yuan (up 93.93%) - Intelligent cutting head business revenue reached 335 million yuan, a growth of 106.51% [1] Future Earnings Forecast - The company is expected to achieve net profits of 989 million yuan, 1.302 billion yuan, and 1.654 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 43x, 32x, and 25x [2][3]