Kings(SH:603505)2024-03-31 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company [19] Core Views - The company achieved a revenue of 1.896 billion yuan in 2023, representing a year-on-year growth of 80.54%, with a net profit of 349 million yuan, up 56.9% year-on-year [19] - The report highlights that the company has successfully launched new projects, contributing significantly to profits, and anticipates continued growth driven by rising demand and stricter safety regulations in the industry [19] - The company is expanding its operations internationally by investing in fluorite resources in Mongolia, marking a strategic move to integrate global scarce resources [19] Financial Data and Profit Forecast - Total revenue (million yuan): 2022: 1,050; 2023: 1,896; 2024E: 3,150; 2025E: 3,736; 2026E: 4,486 [6][20] - Year-on-year growth rates for revenue: 2023: 80.5%; 2024E: 66.2%; 2025E: 18.6%; 2026E: 20.1% [6] - Net profit (million yuan): 2022: 222; 2023: 349; 2024E: 635; 2025E: 855; 2026E: 1,026 [6][20] - Year-on-year growth rates for net profit: 2023: 56.9%; 2024E: 82.1%; 2025E: 34.6%; 2026E: 20.0% [6] - Earnings per share (yuan/share): 2022: 0.51; 2023: 0.58; 2024E: 1.05; 2025E: 1.41; 2026E: 1.70 [6][20] - Return on equity (ROE): 2023: 21.4%; 2024E: 28.0%; 2025E: 27.4%; 2026E: 24.7% [6] Market Data - Closing price (yuan) as of March 29, 2024: 30.43 [18] - Market capitalization of circulating A shares (million yuan): 18,403 [18] - Price-to-earnings ratio (PE): 2024E: 29; 2025E: 22; 2026E: 18 [19]