AsAc(SH:601890) GF SECURITIES·2024-04-23 10:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.32 CNY per share, indicating an expected performance that exceeds the market by more than 10% over the next 12 months [5][15]. Core Insights - The company reported a revenue of 1.931 billion CNY in 2023, a year-on-year increase of 27.34%, and a net profit attributable to shareholders of 237 million CNY, up 58.71% year-on-year. The first quarter of 2024 saw a revenue of 449 million CNY, a decrease of 8.14% year-on-year, while net profit increased by 15.3% to 68 million CNY [2][4]. - The shipbuilding cycle is on the rise, leading to significant growth in the sales of marine chains. In 2023, the company sold 133,000 tons of ship-use anchor chains, a 23.62% increase year-on-year, with new orders reaching 151,600 tons, up 28% [2][4]. - Revenue from mooring chains saw substantial growth due to increased sales volume and higher prices. The company sold 32,100 tons of mooring chains in 2023, an 18.63% increase, resulting in revenue of 559 million CNY, a 41% year-on-year increase [2][4]. Financial Summary - The company’s revenue for 2023 was 1.931 billion CNY, with a projected revenue of 2.3 billion CNY for 2024, reflecting a growth rate of 19.1% [4][11]. - The net profit attributable to shareholders for 2023 was 237 million CNY, with forecasts of 295 million CNY for 2024, indicating a growth rate of 24.9% [4][11]. - The company’s EBITDA for 2023 was 760 million CNY, with projections of 445 million CNY for 2024 [4][11]. Production Capacity and Market Position - The company is the largest chain manufacturer globally, with a production capacity of 350,000 tons in 2023, including 160,000 tons of ship-use anchor chains and 110,000 tons of offshore oil platform mooring chains [4][2]. - The report highlights the company's strong market position, benefiting from the overall industry upturn [4][2].