TMT(SH:600458) Huachuang Securities·2024-04-09 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company has shown significant revenue growth in its wind power and automotive segments, with revenues of 6.86 billion and 6.7 billion respectively, reflecting year-on-year increases of 23.1% and 24.9% [1] - The company is expected to achieve a turnaround in its automotive business, with operational losses reduced to 80 million yuan in the year [1] - The company is expanding its wind power capacity both domestically and internationally, with blade sales reaching 15.9 GW, a year-on-year increase of 33.5% [1] - The establishment of a new materials industrial base is anticipated to create new profit growth points, focusing on high-end polyurethane and advanced organic silicon materials [1] Summary by Sections Revenue and Profitability - In 2023, the company achieved total revenue of 17.54 billion yuan, a year-on-year increase of 16.7%, and a net profit attributable to shareholders of 390 million yuan, up 8.3% [7] - The gross profit margins for the automotive, wind power, rail transit, industrial engineering, and new materials segments were 12.3%, 12.4%, 32.6%, 27.2%, and 30.4% respectively, with most segments showing year-on-year improvements [1] Business Segments - The automotive segment benefited from restructuring efforts in Germany and the expansion of the new energy vehicle market [1] - The wind power segment saw a recovery in domestic installations and renewed cooperation with overseas clients, contributing to significant revenue growth [1] Future Outlook - The company is projected to maintain high growth in profits over the next two years, with expected EPS of 0.8, 1.0, and 1.2 yuan per share for 2024-2026 [1] - The target price for the company's stock is set at 14.7 yuan per share, based on a PE ratio of 15 for 2025 [1]