HIC(300873) 华创证券·2024-04-23 11:31Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [4][27]. Core Insights - The company reported a net profit attributable to shareholders of 280 million yuan in 2023, a decrease of 22% year-on-year. Revenue for the same period was 1.83 billion yuan, reflecting a 2% increase year-on-year [4]. - The report highlights the acquisition of Kunshan Mengli, which is expected to enhance the company's growth potential and expand its business scope in the automation and logistics sectors [4]. - The company’s gross margin for 2023 was 23%, down 2 percentage points from the previous year, but improved to 21% in Q4 2023, up 5 percentage points year-on-year [4]. - The report projects a compound annual growth rate (CAGR) of 18% for net profit from 2023 to 2026, with expected net profits of 350 million yuan in 2024, 410 million yuan in 2025, and 460 million yuan in 2026 [4]. Financial Summary - 2023 Financial Performance: - Revenue: 1.83 billion yuan, up 2% year-on-year - Net Profit: 280 million yuan, down 22% year-on-year - Gross Margin: 23%, down 2 percentage points year-on-year [4] - 2024-2026 Financial Projections: - Expected Revenue: 2.24 billion yuan in 2024, 2.61 billion yuan in 2025, and 2.91 billion yuan in 2026 - Expected Net Profit: 350 million yuan in 2024, 410 million yuan in 2025, and 460 million yuan in 2026 - Projected EPS: 1.53 yuan in 2024, 1.76 yuan in 2025, and 1.99 yuan in 2026 [4][10]. - Valuation Metrics: - The report assigns a target price of 23 yuan, suggesting a potential upside of 36% from the current price [4][37].