ANCHE TECHNOLOGIES(SZ:300572) East Money Securities·2024-03-26 16:00Investment Rating - The report assigns an "Accumulate" rating for the company [3]. Core Views - The company is expected to benefit significantly from new regulations on electric vehicle testing and government policies promoting equipment upgrades, leading to substantial growth in its testing equipment business in the short term [2][5]. - The company aims to establish a leading chain operation brand in the vehicle inspection market, enhancing operational efficiency and addressing industry pain points [14]. Summary by Sections Company Overview - The company plans to repurchase shares using its own funds ranging from RMB 40 million to 80 million at a price not exceeding RMB 18.00 per share, aimed at implementing employee stock ownership plans and maintaining shareholder value [1][26]. Financial Projections - Revenue projections for 2023, 2024, and 2025 are RMB 522 million, RMB 788 million, and RMB 1.166 billion, respectively, with corresponding net profits of RMB 5.44 million, RMB 102.79 million, and RMB 153.31 million [5][29]. - The expected EPS for the same years is RMB 0.02, RMB 0.45, and RMB 0.67, with P/E ratios of 553.67, 29.29, and 19.64 [5][29]. Market Dynamics - The new regulations for electric vehicle testing are anticipated to create a significant demand for testing equipment, while the government's equipment upgrade policies are expected to accelerate the replacement of existing vehicle testing equipment [2][5]. - The company operates 41 vehicle inspection stations and plans to acquire 11 more in 2023 to strengthen its market presence [14]. Growth Strategy - The company is focused on building a comprehensive service platform through a chain of branded inspection stations, which is expected to stabilize cash flow and enhance profit margins in the long term [5].