Sunrise(300360) EBSCN·2024-04-21 02:02Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company has shown significant improvement in profitability in 2023, with a focus on expanding its overseas business [6][7] - The company is actively pursuing new markets, particularly in Europe and Southeast Asia, which is expected to contribute to future growth [6][8] Financial Performance - In 2023, the company achieved a revenue of 1.771 billion yuan, a year-on-year increase of 17.59%, and a net profit of 607 million yuan, up 28.64% year-on-year [18] - The company's overall gross margin improved by 5.76 percentage points to 44.83%, and the net profit margin increased by 2.31 percentage points to 34.38% [7] - The revenue from smart metering and collection systems grew by 17.35% to 1.436 billion yuan, with a gross margin of 47.31% [7] Future Outlook - The company is expected to maintain steady growth in its smart meter business while actively expanding into overseas markets, indicating significant growth potential [8] - The forecasted net profits for 2024, 2025, and 2026 are 626 million yuan, 762 million yuan, and 886 million yuan respectively, with corresponding EPS of 1.23 yuan, 1.50 yuan, and 1.74 yuan [8][20] Market Position - The company is a major supplier and strategic partner for E.ON in Germany and Hungary, and is expanding its presence in the European market through its subsidiary LOGAREX [6] - The company has faced a decline in its bidding share for the first batch of smart meter tenders in 2024, with a winning bid amount of 161 million yuan compared to 345 million yuan in 2023 [19]