LSHEC(SH:603169) Guoyuan Securities·2024-04-22 10:00Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 4.99 yuan per share [6]. Core Insights - The company has shown significant growth in order quantity across multiple sectors, with notable increases in coal chemical equipment orders by 13.94%, nuclear energy orders by 154.60%, and international business orders by 58.73% [3]. - The company is enhancing its supply chain by integrating upstream suppliers and acquiring 100% of a superalloy company to strengthen its metal new materials business [5]. - The company has increased its R&D investment, completing 125 innovation projects with a total R&D expenditure of 227 million yuan, marking a 49.78% year-on-year increase [5]. Financial Performance - In 2023, the company achieved a revenue of 5.162 billion yuan, a 3.65% increase year-on-year, while the net profit attributable to shareholders was 153.73 million yuan, a decrease of 12.62% [12][13]. - The gross profit margin for 2023 was 15.14%, an increase of 1.13 percentage points year-on-year, while the net profit margin was 3.22%, a decrease of 1.06 percentage points [7]. - The company forecasts net profits of 293.11 million yuan, 362.82 million yuan, and 425.06 million yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 0.22, 0.28, and 0.33 yuan [8]. Market Outlook - The nuclear power market is expected to grow rapidly, with the company positioned to benefit significantly as a leader in nuclear energy equipment and new energy markets [8][14]. - The report highlights the increasing investment in nuclear power projects, with a 20.8% year-on-year growth in nuclear engineering investment [14]. Strategic Developments - The company is focusing on strategic investments and capital operations to leverage its position as a leading enterprise, enhancing resource aggregation advantages [15]. - Collaborations with various partners in hydrogen energy and other innovative projects are underway, aiming for comprehensive applications across the hydrogen energy value chain [5].