FSL(SZ:000541) Minsheng Securities·2024-04-20 10:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2]. Core Insights - In 2023, the company achieved revenue of 9.057 billion yuan, a year-on-year increase of 3.39%, and a net profit of 290 million yuan, up 26.07% year-on-year [1]. - The company's gross margin improved to 18.80%, an increase of 1.26 percentage points compared to the previous year, while the net profit margin reached 3.21%, up 0.58 percentage points [1]. - The fourth quarter of 2023 saw significant profit improvement, with revenue of 2.26 billion yuan, a year-on-year increase of 1.14%, and a net profit of 52 million yuan, up 856.59% year-on-year [1]. - The general lighting segment showed stable operations, contributing 3.33 billion yuan in revenue, accounting for 36.76% of total revenue, with a gross margin of 25.03% [1]. - The automotive lighting business continued to grow, contributing 1.83 billion yuan in revenue, representing 20.21% of total revenue, with a gross margin of 18.12% [1]. - The company plans to invest nearly 1.1 billion yuan in automation and digital transformation projects, as well as in new lighting segments [1]. Financial Forecasts - The company is expected to achieve revenues of 10.364 billion yuan, 11.927 billion yuan, and 13.646 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14.4%, 15.1%, and 14.4% [4]. - The net profit forecast for the same years is 353 million yuan, 464 million yuan, and 583 million yuan, with growth rates of 21.6%, 31.4%, and 25.7% [4]. - The projected PE ratios for 2024, 2025, and 2026 are 24, 18, and 14, respectively, indicating a favorable valuation trend [4].