QIFAN(SH:605222) EBSCN·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady revenue growth in 2023, with operating income reaching 23.348 billion yuan, a year-on-year increase of 13.10%, and a net profit attributable to shareholders of 423 million yuan, up 15.53% [1][9] - The company is the largest wire and cable manufacturer in Shanghai, with significant revenue contributions from power cables and electrical equipment cables [2] - The company is expected to benefit from its research and development capabilities in the submarine cable sector, with several successful bids for offshore wind power projects [3][9] Summary by Sections Financial Performance - In Q4 2023, the company reported operating income of 6.439 billion yuan, a year-on-year increase of 6.64%, but a significant decline in net profit attributable to shareholders, which fell by 69.33% year-on-year and 88.56% quarter-on-quarter [1] - The power cable segment generated revenue of 15.389 billion yuan, up 14.51% year-on-year, while the electrical equipment cable segment saw revenue of 7.386 billion yuan, an increase of 11.58% [2] Research and Development - The company has completed testing for high-voltage submarine cables and has secured contracts for significant offshore wind power projects, indicating a strong position in the market [3][9] Future Outlook - The company is projected to achieve net profits of 580 million yuan, 715 million yuan, and 847 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.39 yuan, 1.71 yuan, and 2.03 yuan [9]