Investment Rating - The report maintains an "Outperform" rating for Morimatsu International Holdings with a target price of HKD 10.20, reflecting a 28.6% decrease from previous estimates [3][6][14]. Core Insights - The company achieved a total revenue of RMB 7.36 billion for the full year of 2023, representing a year-on-year growth of 13.47%, primarily driven by a significant order in the oil and gas refining sector, which saw a revenue increase of 502.9% [14]. - The gross profit margin improved to 27.9%, up 0.3 percentage points year-on-year, attributed to enhanced operational efficiency [14]. - The net profit attributable to shareholders reached RMB 845 million, a 26.2% increase year-on-year, with a net profit margin of 11.4% [14]. Summary by Sections Revenue and Orders - In 2023, newly signed orders totaled RMB 7.784 billion, a decrease of 16.8% year-on-year, mainly due to longer sales cycles for high value-added orders [14]. - The company had RMB 9.077 billion in orders on hand at the end of 2023, reflecting a 5.3% increase from the previous year [14]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are set at RMB 8.476 billion, RMB 9.806 billion, and RMB 11.296 billion, respectively, with growth rates of 15.2%, 15.7%, and 15.2% [5][14]. - Net profit forecasts for the same years are RMB 1.014 billion, RMB 1.202 billion, and RMB 1.424 billion, with growth rates of 20.0%, 18.5%, and 18.5% [5][14]. Market Position and Strategy - The company has a strong overseas demand, with over 70% of new orders in 2023 coming from international markets, and more than 60% of orders on hand being overseas [4][14]. - The expansion of the Malaysian factory is expected to contribute to deeper engagement in overseas business by 1Q25 [4][14].
2023年报点评：在手订单充裕，海外需求强劲，多元化订单助力稳健增长