qscc(SH:600425) Guotai Junan Securities·2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.88 CNY, down from a previous forecast of 5.89 CNY [26][26]. Core Views - The company achieved significant growth in cement sales, with a year-on-year increase of 35.51%, outperforming the regional average [26][26]. - The increase in production capacity utilization has mitigated some negative impacts from price reductions and rising coal prices, leading to an improvement in net profit per ton [26][26]. - The report highlights that the company's annual revenue reached 4.49 billion CNY, a year-on-year increase of 20.01%, and the net profit attributable to shareholders increased by 65.10% [26][26]. Financial Summary - Revenue Forecast: - 2022A: 3,741 million CNY - 2023A: 4,490 million CNY - 2024E: 4,824 million CNY - 2025E: 5,333 million CNY - 2026E: 5,982 million CNY [26][26] - Net Profit Forecast: - 2022A: 415 million CNY - 2023A: 463 million CNY - 2024E: 601 million CNY - 2025E: 741 million CNY - 2026E: 842 million CNY [26][26] - Key Financial Ratios: - Operating Profit Margin: - 2022A: 12.8% - 2023A: 15.3% - 2024E: 15.8% - 2025E: 17.2% [26][26] - Return on Equity (ROE): - 2022A: 7.9% - 2023A: 7.4% - 2024E: 8.8% - 2025E: 9.8% [26][26] Market Performance - The stock price has fluctuated between 3.16 CNY and 5.55 CNY over the past 52 weeks, with a current market capitalization of 6,226 million CNY [7][26]. - The average daily trading volume is 24.37 million shares, with an average daily trading value of 91 million CNY [26][26].