Loctek(SZ:300729) Guoxin Securities·2024-04-22 02:30Investment Rating - The investment rating for the company is "Buy" [9][8]. Core Views - The company achieved a revenue of 3.9 billion with a year-on-year growth of 21.6% in 2023, and a net profit attributable to shareholders of 634 million, reflecting a significant increase of 189.7% [8]. - The company's overseas warehouse business continues to show strong growth, with public overseas warehouse revenue increasing by 94.0% to 950 million in 2023 [8]. - The gross margin improved to 36.5% in 2023, up by 2.1 percentage points, indicating a positive trend in profitability [8]. Financial Summary - Balance Sheet (in million) - Total assets are projected to grow from 6,798 million in 2023 to 9,397 million by 2026 [3]. - Cash and cash equivalents are expected to increase from 1,652 million in 2023 to 2,152 million in 2026 [3]. - Income Statement (in million) - Revenue is forecasted to rise from 3,902 million in 2023 to 7,071 million by 2026, with a compound annual growth rate (CAGR) of 16.8% [3]. - Net profit attributable to shareholders is expected to reach 604 million by 2026, with a projected growth rate of 15.8% [3]. - Key Financial Ratios - The company's return on equity (ROE) is projected to be 20.9% in 2023 and stabilize around 14.8% by 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 9.4 in 2023 to 9.9 by 2026, indicating a potentially attractive valuation [3]. - Earnings Per Share (EPS) - EPS is expected to increase from 2.03 in 2023 to 1.93 by 2026, reflecting the company's growth trajectory [3].