TDTEC(600582) 广发证券·2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.43 CNY per share, compared to the current price of 6.85 CNY [4]. Core Insights - The company's performance met expectations, achieving a revenue of 29.928 billion CNY in 2023, a year-on-year increase of 9.16%, and a net profit attributable to shareholders of 2.358 billion CNY, up 20.81% year-on-year [2][3]. - The company's profitability is steadily increasing, with a gross margin of 30.93% in 2023, up 0.65 percentage points year-on-year, and a net margin of 10.62%, up 1.38 percentage points year-on-year [2]. - The company has seen growth in its coal machinery orders, with a revenue increase of 15.9% in coal machinery manufacturing and a significant rise in sales volume for mining equipment [2]. - The implementation of intelligent technology has begun to yield cost reductions, as evidenced by an increase in coal production gross margin despite a decrease in coal sales volume and revenue due to falling coal prices [2]. Financial Summary - In 2023, the company reported a revenue of 29.928 billion CNY, with a growth rate of 9.2% projected for 2024 [3]. - The net profit attributable to shareholders is expected to grow to 2.842 billion CNY in 2024, reflecting a growth rate of 20.5% [3]. - The company's earnings per share (EPS) is projected to increase from 0.57 CNY in 2023 to 0.69 CNY in 2024 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 9.54 in 2023 to 9.97 in 2024, indicating a low valuation relative to earnings [3][8].