Damon(SH:688360) East Money Securities·2024-04-22 08:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [18]. Core Insights - The company is expected to benefit from the rapid growth of cross-border e-commerce, with significant demand for overseas smart logistics [1]. - The company has established a global strategy, achieving revenues of 1.075 billion and 304 million yuan domestically and internationally, respectively, with gross margins of 21.4% and 29.1% [2]. - In 2023, the company reported total revenue of 1.384 billion yuan, with a net profit attributable to shareholders of 88 million yuan, reflecting a year-on-year growth of 7.23% [3]. Financial Performance - The company’s revenue is projected to grow significantly, with estimates of 1.868 billion, 2.100 billion, and 2.307 billion yuan for 2024, 2025, and 2026, respectively [6][13]. - The gross margin for 2023 was 23.08%, with a net margin of 6.31%, showing improvements from the previous year [11]. - The company’s earnings per share (EPS) are expected to increase from 0.71 yuan in 2023 to 1.71 yuan by 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 28.27 to 8.83 [6][13]. Business Segmentation - The company’s revenue breakdown for 2023 shows that core components, key equipment, and system integration contributed 6.38 billion, 2.52 billion, and 4.82 billion yuan, respectively, with core components having the highest gross margin of 30.8% [10]. - The company completed the acquisition of Moandi, enhancing its competitive edge in upstream component technology [10]. Market Position - The company is recognized as a leading player in the smart logistics equipment sector, with a comprehensive global business footprint [13].