Vontron Technology(SZ:000920)2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's membrane separation business is entering a rapid development phase, with a projected net profit of 209 million yuan for 2024, 246 million yuan for 2025, and 285 million yuan for 2026, corresponding to PE ratios of 19, 16, and 14 times respectively [2][3] - The company achieved a revenue of 1.705 billion yuan in 2023, representing a year-on-year growth of 16.68%, and a net profit of 165 million yuan, with a year-on-year increase of 13.64% [17] Financial Summary - Total revenue (million yuan): - 2022: 1,461 - 2023: 1,705 - 2024E: 2,091 - 2025E: 2,537 - 2026E: 3,049 - Year-on-year growth rates (%): - 2022: 5.8 - 2023: 16.7 - 2024E: 22.6 - 2025E: 21.3 - 2026E: 20.2 - Net profit (million yuan): - 2022: 145 - 2023: 165 - 2024E: 209 - 2025E: 246 - 2026E: 285 - Year-on-year growth rates (%): - 2022: 19.4 - 2023: 13.6 - 2024E: 27.0 - 2025E: 17.6 - 2026E: 15.8 - Earnings per share (yuan/share): - 2022: 0.31 - 2023: 0.35 - 2024E: 0.44 - 2025E: 0.52 - 2026E: 0.60 - Gross margin (%): - 2022: 35.7 - 2023: 35.9 - 2024E: 36.1 - 2025E: 36.0 - 2026E: 35.8 - Return on equity (ROE %): - 2022: 8.2 - 2023: 9.2 - 2024E: 10.4 - 2025E: 10.9 - 2026E: 11.2 [3][18] Business Development - The company is increasing investment in membrane separation projects, achieving large orders worth over 100 million yuan and making breakthroughs in overseas markets [1] - The membrane products revenue is steadily growing, with the company exploring potential in various sectors such as industrial water, seawater desalination, and municipal water supply [12][22] - The company is enhancing its product structure and market coverage through the gradual ramp-up of its Shawan Phase III project, which will add significant production capacity [22]