Yiheda(SZ:301029) Minsheng Securities·2024-04-23 13:00Investment Rating - The report maintains a "Recommended" rating for the company with a current price of 24.00 CNY [2][4] Core Insights - The company achieved a revenue of 2.881 billion CNY in 2023, representing a year-on-year growth of 14.58% [14] - The net profit attributable to the parent company for 2023 was 546 million CNY, with a year-on-year increase of 7.73% [14] - The gross margin for 2023 was 37.95%, while the net margin was 18.93% [14] - The company has a strong competitive position in the FA (Factory Automation) sector, benefiting from high demand in the photovoltaic and semiconductor industries [14] - The company has developed a comprehensive product system with 3,880 SKUs across various industries, enhancing customer retention [14] - The company’s FB (Factory Business) segment saw significant growth, with revenue exceeding 156 million CNY in 2023, a 117% increase from 2022 [14] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 3.188 billion CNY, 3.755 billion CNY, and 4.445 billion CNY respectively, with growth rates of 10.6%, 17.8%, and 18.4% [14] - The net profit projections for the same years are 631 million CNY, 743 million CNY, and 880 million CNY, corresponding to PE ratios of 22x, 19x, and 16x [14] - The company’s cash flow from operating activities is projected to be 376 million CNY in 2024, increasing in subsequent years [14]