TKRT(688569) 光大证券·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company [10][16]. Core Views - The company has achieved record high revenue and profit, with significant capacity expansion eliminating growth bottlenecks [4]. - The decline in raw material prices has led to a notable increase in gross margin, while improved cash flow has been observed due to faster receivables collection [5]. - The company is expected to benefit from a new round of equipment upgrades and opportunities in overseas markets, particularly in high-speed rail [9]. Financial Performance - In 2023, the company reported revenue of 1.64 billion yuan, a year-on-year increase of 22.2%, and a net profit attributable to shareholders of 290 million yuan, up 22.7% [4]. - The gross margin and net margin for 2023 were 42.1% and 22.7%, respectively, reflecting increases of 5.9 and 2.0 percentage points year-on-year [5]. - The company achieved a significant improvement in operating cash flow, reaching 469 million yuan, a year-on-year increase of 187.7% [9]. Business Segments - The company’s revenue from various segments in 2023 included: - Rail fasteners: 1.25 billion yuan (+26.3%) - Engineering materials: 160 million yuan (+12.4%) - Prestressed steel wires and anchorage plates: 57 million yuan (-42.5%) - Railway bridge supports: 90 million yuan (+46.8%) - Rail component processing services: 70 million yuan (+118.3%) [8]. - The gross margins for these segments were as follows: - Rail fasteners: 45.6% - Engineering materials: 25.9% - Prestressed steel wires: 33.5% - Railway bridge supports: 12.8% - Rail component processing services: 63.7% [9]. Future Outlook - The company’s new contracts signed in 2023 totaled 1.63 billion yuan, a decrease of 8.2% year-on-year, with an unexecuted contract amount of 1.98 billion yuan, down 20.4% [19]. - The company is projected to achieve net profits of 400 million yuan and 600 million yuan in 2024 and 2025, respectively, with a new forecast for 2026 set at 750 million yuan [10][21].