GDTC(SH:688186) Orient Securities·2024-04-13 16:00Investment Rating - The investment rating for the company is "Buy" with a target price of 15.01 CNY, maintaining the current price of 13.43 CNY as of April 11, 2024 [2][29]. Core Views - The company has demonstrated confidence by deciding not to lower the conversion price of its convertible bonds, indicating a commitment to long-term stable development and intrinsic value [29]. - The company is expected to see a year-on-year increase in net profit of 13.7% for 2023, with a projected net profit of 1.2 billion CNY, driven by the gradual release of production capacity from its subsidiary and government subsidies [29]. - The demand for hydropower and nuclear power equipment is expected to remain strong, with significant production increases anticipated in 2024, which may positively impact the company's large energy equipment business [29]. Financial Summary - The company's revenue is projected to grow from 3,718 million CNY in 2023 to 4,769 million CNY in 2024, reflecting a growth rate of 28.3% [31]. - The net profit attributable to the parent company is expected to increase from 117 million CNY in 2023 to 169 million CNY in 2024, representing a growth rate of 43.9% [31]. - The earnings per share (EPS) are forecasted to rise from 0.55 CNY in 2023 to 0.79 CNY in 2024, and further to 1.24 CNY in 2025 [31][42].