SIEYUAN(002028) 民生证券·2024-04-20 12:30Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - In 2023, the company achieved a revenue of 12.46 billion yuan, representing a year-on-year growth of 18.25%, and a net profit attributable to shareholders of 1.56 billion yuan, up 27.75% year-on-year [2][4]. - The company exceeded its order targets for 2023, with new orders amounting to 16.51 billion yuan, a 36.22% increase compared to the previous year [2]. - The company is focusing on increasing its research and development investment, with R&D expenses reaching 917 million yuan in 2023, a 36.2% increase year-on-year [2][3]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023 Revenue: 12.46 billion yuan, 2024E: 15.05 billion yuan, 2025E: 18.08 billion yuan, 2026E: 21.62 billion yuan [4]. - Net Profit: 2023: 1.56 billion yuan, 2024E: 2.06 billion yuan, 2025E: 2.55 billion yuan, 2026E: 3.14 billion yuan [4]. - Profitability Metrics: - Gross Margin: 29.50% in 2023, an increase of 3.17 percentage points year-on-year [2]. - Net Margin: 12.91% in 2023, an increase of 0.69 percentage points year-on-year [2]. - R&D Investment: - R&D expense ratio increased to 7.36% in 2023, up 0.97 percentage points year-on-year [2]. Market Expansion - The company has seen significant growth in its overseas business, with overseas revenue reaching 2.16 billion yuan in 2023, a 15.71% increase year-on-year, and overseas orders totaling 4.01 billion yuan, a 34% increase [2][3]. - The company is actively participating in domestic market expansion while consolidating its market share in the power grid sector [3].