Keeson(603610) 天风证券·2024-04-06 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Insights - The company is engaged in the production of smart electric bed systems and related accessories, with a total investment of approximately 1.14 billion yuan. The project aims to enhance production capacity significantly, including 8 million sets of adjustment systems and 400,000 sets of control systems annually [2]. - The renewal of the supply agreement with Tempur Sealy International until March 2027 indicates strong recognition of the company's product quality and service capabilities, which is expected to positively impact the company's profitability and market presence [20][21]. - The company has developed proprietary technologies in the smart electric bed sector, positioning itself as a leader in the industry. Forecasted net profits for 2023-2025 are 233 million, 269 million, and 315 million yuan, respectively, with corresponding EPS of 0.65, 0.75, and 0.88 yuan per share [21]. Financial Data Summary - The company's total revenue for 2023 is projected to be 3.068 billion yuan, with a growth rate of 15.21% compared to the previous year. The net profit attributable to the parent company is expected to be 233.4 million yuan, reflecting a significant increase of 810.80% [24][26]. - The company's total assets are projected to reach 4.994 billion yuan in 2023, with a debt-to-asset ratio of 35.10% [6][11]. - The report indicates a steady increase in earnings per share (EPS) from 0.65 yuan in 2023 to 0.88 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 17, 15, and 13 times [21][24].