YINLUN(SZ:002126) Orient Securities·2024-04-21 05:32Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.26 CNY, based on a projected PE ratio of 21 times for 2024 [5][6]. Core Insights - The company's performance in 2023 met expectations, with a revenue of 11.018 billion CNY, representing a year-on-year growth of 29.9%, and a net profit attributable to shareholders of 612 million CNY, up 59.7% year-on-year [4]. - The company aims for a revenue target of 13 billion CNY in 2024, with a potential to reach 13.5 billion CNY, indicating an approximate growth rate of 18% [4]. - The gross margin for 2023 was 21.6%, an increase of 1.7 percentage points year-on-year, with a quarterly gross margin of 22.9% in Q4, reflecting a 3.6 percentage point increase year-on-year [4]. - The company has successfully secured 223 new projects, which are expected to generate over 6.106 billion CNY in annual sales once fully operational, with international orders accounting for approximately 42% [4]. - The overseas operations, particularly in Mexico and Poland, have started to show profitability, with the Mexican plant achieving breakeven in Q4 2023 [4]. Financial Summary - The company's revenue for 2023 was 11,018 million CNY, with a projected revenue of 13,646 million CNY for 2024, reflecting a growth rate of 23.9% [14]. - The net profit attributable to shareholders for 2023 was 612 million CNY, with an expected increase to 868 million CNY in 2024, indicating a growth rate of 41.8% [14]. - The gross margin is projected to improve to 22.4% in 2024, with a net profit margin of 6.4% [14].