RHI(SZ:002483) Tianfeng Securities·2024-04-19 00:30Investment Rating - The report upgrades the investment rating to "Buy" with a target price not specified [12][14]. Core Views - The company achieved a revenue of 7.183 billion yuan in 2023, representing a year-on-year increase of 38.82%. The net profit attributable to the parent company was 55.37 million yuan, up 4.12% year-on-year, while the net profit excluding non-recurring items surged by 127.62% to 50 million yuan [3][12]. - The gross profit margin for the year was 20.43%, an increase of 0.57 percentage points year-on-year, while the net profit margin decreased by 0.26 percentage points to 0.77% [3]. - The company is expanding its market position in the global bulk material handling equipment sector through the acquisition of overseas quality assets, enhancing its competitiveness and service capabilities [4][6]. Financial Performance Summary - The company reported a total revenue of 7.183 billion yuan in 2023, with a breakdown of revenue by product: material handling equipment at 4.11 billion yuan (up 70.12%), offshore engineering equipment at 1.44 billion yuan (up 21.11%), and shipbuilding and supporting equipment at 715 million yuan (up 56.93%) [6]. - The company’s domestic sales accounted for 30.90% of total revenue, amounting to 2.22 billion yuan, which is a decrease of 29.52% year-on-year, while international sales reached 4.963 billion yuan, representing a significant increase of 145.1% [6]. - The report forecasts net profits for 2024-2026 to be 428 million, 537 million, and 664 million yuan respectively, with corresponding price-to-earnings ratios of 10.54, 8.40, and 6.80 times [12][19]. Operational Highlights - The company successfully delivered offshore wind power foundation piles and components to Japanese clients, marking its entry into the Japanese offshore wind market [7]. - The company’s subsidiary in Germany signed an asset purchase agreement to acquire global bulk material handling operations, which is expected to strengthen its market leadership [4][6]. Key Financial Ratios - The company’s gross margin for 2023 was 20.43%, with a projected gross margin of 19.83% for 2024 [17]. - The return on equity (ROE) is expected to rise to 9.90% in 2024, indicating improved profitability [17]. - The debt-to-asset ratio stands at 60.13%, reflecting the company's leverage position [14][18].