LONGSHINE(SZ:300682) Great Wall Securities·2024-04-13 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [6][22]. Core Insights - The company has shown steady revenue growth, with a projected increase in operating income from 4.73 billion yuan in 2023 to 5.58 billion yuan in 2024, representing an 18% year-over-year growth [1][6]. - The net profit attributable to the parent company is expected to rise from 604 million yuan in 2023 to 700 million yuan in 2024, reflecting a 16% increase [1][6]. - The company is focusing on digital energy and smart city business development, with a significant emphasis on grid business and virtual power plant opportunities [5][6]. Financial Summary - Revenue: - 2022: 4,552 million yuan - 2023: 4,727 million yuan - 2024E: 5,579 million yuan - 2025E: 6,614 million yuan - 2026E: 7,881 million yuan - Net Profit: - 2022: 514 million yuan - 2023: 604 million yuan - 2024E: 700 million yuan - 2025E: 863 million yuan - 2026E: 992 million yuan - EPS: - 2022: 0.47 yuan - 2023: 0.56 yuan - 2024E: 0.65 yuan - 2025E: 0.80 yuan - 2026E: 0.91 yuan [1][6][11]. Business Performance - The company's energy digitalization business achieved revenue of 2.32 billion yuan in 2023, a year-over-year increase of 7.49% [5]. - The company has successfully expanded its charging platform, with over 1.1 million registered users and a doubling of aggregated charging volume to 4 billion kWh in 2023 [4][5]. - The company is optimizing its non-grid digital business while focusing on enhancing its grid business cooperation [5][6].