Guosheng Intelligence(SH:688558) Soochow Securities·2024-04-24 08:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance is under short-term pressure due to low industry demand, but a recovery in 2024 is anticipated as the general manufacturing sector gradually rebounds [2] - The company is focusing on increasing the self-manufacturing rate of core components to enhance product competitiveness, with a strong emphasis on R&D and innovation [3] Financial Performance Summary - In 2023, the company achieved total revenue of 1.104 billion yuan, a decrease of 5.1% year-on-year, and a net profit attributable to shareholders of 142.68 million yuan, down 23.1% year-on-year [4] - The gross profit margin for 2023 was 24.7%, a decline of 1.6 percentage points year-on-year, with specific product margins also showing declines [2] - The company expects a recovery in profits in 2024, driven by product structure adjustments and a rebound in downstream demand [2] Earnings Forecast and Valuation - The report adjusts the net profit forecasts for 2024 and 2025 to 180 million yuan and 229 million yuan, respectively, while maintaining a forecast of 273 million yuan for 2026 [6] - The current stock price corresponds to dynamic P/E ratios of 15, 12, and 10 times for 2024, 2025, and 2026, respectively, reflecting the company's growth potential [6]