Dianguang Tech(SZ:002730) Huaxin Securities·2024-04-21 11:30Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown impressive performance with a revenue of 1.374 billion yuan in 2023, representing a year-on-year increase of 11.68%, and a net profit of 120 million yuan, up 32.76% year-on-year [1] - The company is positioned as a leader in the domestic coal mine explosion-proof electrical equipment market, benefiting from new safety regulations and an expected market growth to 12.4 billion yuan by 2025 [1][2] - The acquisition of a permanent magnet motor manufacturer has significantly enhanced the company's profitability, with expectations for the revenue from driving equipment to reach 50% of total revenue in the next three to five years [2] Summary by Sections Performance Highlights - In 2023, the company's explosion-proof electrical business generated revenue of 921 million yuan, a year-on-year increase of 10.50%, while high-value-added intelligent equipment products saw a revenue growth of 31.09% with a gross margin of 50.81% [1] Industry Outlook - The coal mining industry is expected to enter an upward cycle, with fixed investment in coal mining reaching a year-on-year growth of 32.9% in March 2024, indicating improving profitability for coal mining enterprises [1][2] - The company is well-positioned to capture more market share due to high customer loyalty and limited competition in the explosion-proof field [1] Financial Forecast - The company is projected to achieve revenues of 1.628 billion yuan, 1.982 billion yuan, and 2.398 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.45 yuan, 0.60 yuan, and 0.77 yuan [3][5] - The report indicates a steady increase in net profit, with forecasts of 163 million yuan, 216 million yuan, and 278 million yuan for the same years, reflecting growth rates of 36.5%, 32.2%, and 28.8% respectively [3][5]