SIEYUAN(002028) 光大证券·2024-04-22 01:32Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue of 12.46 billion yuan in 2023, representing a year-on-year growth of 18.25%. The net profit attributable to shareholders was 1.56 billion yuan, up 27.75% year-on-year [1][2]. - The company is actively expanding its overseas market presence, with new orders in international markets reaching 4.01 billion yuan, a 34% increase year-on-year [2]. - The gross margin improved by 3.17 percentage points to 29.50% in 2023, indicating significant enhancement in profitability [1][2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 12.46 billion yuan, with a net profit of 1.56 billion yuan and a non-recurring net profit of 1.42 billion yuan [1]. - The fourth quarter of 2023 saw a revenue of 3.88 billion yuan, a 9.72% increase year-on-year, but a decrease in net profit by 5.49% [1]. - The company plans to distribute a cash dividend of 4 yuan per 10 shares to all shareholders [1]. Business Segments - Revenue from switch-related products was 5.58 billion yuan, up 10.87% year-on-year; coil-related products generated 2.75 billion yuan, a 23.13% increase; reactive power compensation products saw revenue of 1.85 billion yuan, up 39.32% [1]. - The engineering contracting segment achieved 924 million yuan in revenue, reflecting a 23.44% growth [1]. Market Expansion - The company has made significant strides in overseas markets, with products successfully entering markets in Italy, the UK, Belgium, Denmark, and Australia [2]. - The target for 2024 includes achieving new contract orders of 20.6 billion yuan, a 25% increase year-on-year, and a revenue target of 15 billion yuan, representing a 20% growth [2]. Profitability Metrics - The gross margin for 2023 was 29.50%, with net margin at 12.91%. The gross margin for switch-related products rose to 33.45% [1]. - The report projects net profits for 2024, 2025, and 2026 to be 2.03 billion yuan, 2.49 billion yuan, and 2.95 billion yuan, respectively [2][3].