NORTHKING TECH(002987) 国泰君安·2024-04-14 16:00Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 22.01 CNY, unchanged from the previous forecast [2][4]. Core Insights - The company's performance meets expectations, with continuous improvement in profitability and an optimized revenue structure [2][4]. - The company achieved total operating revenue of 42.42 billion CNY in 2023, representing a year-on-year growth of 23.32% [2][4]. - The net profit attributable to shareholders reached 3.48 billion CNY, with a year-on-year increase of 25.48% [2][4]. - The growth in the company's high-margin business lines is contributing to an overall increase in gross profit margin [2][4]. Financial Summary - The company's earnings per share (EPS) forecasts for 2024-2026 are 0.96 CNY, 1.17 CNY, and 1.40 CNY respectively [2][4]. - The operating profit margin is projected to improve from 8.1% in 2023 to 10.3% by 2025 [4]. - The return on equity (ROE) is expected to rise from 13.7% in 2023 to 15.7% in 2025 [4]. - The company plans to raise 1.13 billion CNY through convertible bonds to support its growth initiatives [2][4]. Revenue and Profitability Trends - The revenue growth rate is projected to stabilize around 12.9% to 12.6% from 2024 to 2026 [4]. - The EBIT growth rate is expected to be 22.4% in 2024 and 23.7% in 2025, indicating strong operational performance [4]. - The net profit margin is anticipated to improve gradually, reflecting the company's focus on high-margin services [4].