S.C(SZ:300724) Minsheng Securities·2024-04-19 03:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 58.80 yuan [3]. Core Views - The company's performance in 2023 met expectations, with revenue reaching 8.733 billion yuan, a year-on-year increase of 45.43%, and net profit attributable to shareholders of 1.634 billion yuan, up 56.04% [1][2]. - The global photovoltaic industry is expected to continue its rapid growth, driven by the "carbon neutrality" climate goals, with global new installations exceeding 390GW in 2023 and projected to remain strong in 2024 [1][2]. - The company is positioned as a multi-technology solution provider in the photovoltaic equipment sector, actively developing high-efficiency technologies and expanding into semiconductor and lithium battery equipment [1][2]. Financial Performance - The company reported a significant increase in cash flow from operating activities, amounting to 3.517 billion yuan, a year-on-year growth of 142.36% [1]. - The gross profit margin improved to 28.95%, an increase of 3.51 percentage points, attributed to enhanced product profitability [1]. - The company’s R&D investment rose to 467 million yuan in 2023, a 63.46% increase, focusing on high-capacity, low-power, and intelligent photovoltaic equipment [2]. Future Projections - Revenue projections for 2024-2026 are 18.719 billion yuan, 24.613 billion yuan, and 33.498 billion yuan, respectively, with net profits expected to reach 3.064 billion yuan, 4.046 billion yuan, and 5.534 billion yuan [2][3]. - The company is expected to maintain a strong growth trajectory, with projected net profit growth rates of 87.6%, 32.1%, and 36.8% for the years 2024, 2025, and 2026 [2][3].