AsAc(SH:601890) Ping An Securities·2024-04-23 09:00Investment Rating - The report maintains a "Recommendation" rating for the company [7][21]. Core Views - The company achieved a revenue of 1.931 billion yuan in 2023, a year-on-year increase of 27.34%, with a net profit of 234 million yuan, up 58.71% year-on-year [2][19]. - The company expects to achieve a revenue of 2.32 billion yuan in 2024, representing a growth of approximately 20% compared to 2023, which would set a new record since its listing [20][21]. - The company is positioned to benefit from the growth in the floating offshore wind power sector, which is anticipated to have significant long-term potential [11][21]. Financial Performance Summary - In 2023, the company reported a net profit of 234 million yuan, with a projected net profit of 285 million yuan for 2024, and 337 million yuan for 2025 [14][21]. - The gross profit margin for the company's main products improved, with the ship anchor chain and accessories margin at 25.5%, up 3.2 percentage points year-on-year, and the mooring chain margin at 41.6%, up 7.5 percentage points year-on-year [19]. - The company’s cash flow from operating activities for 2023 was 248 million yuan, with projections of 97 million yuan for 2024 [4]. Industry Overview - The company operates in the power equipment and new energy sector, which is expected to see continued growth due to favorable external conditions in the shipbuilding and offshore oil and gas industries [20][21]. - The report highlights a positive trend in new orders, with a 13% year-on-year increase in new orders in 2023, indicating a strong market demand [20][21].