YINLUN(SZ:002126) Huachuang Securities·2024-04-24 09:02Investment Rating - The report maintains a "Strong Buy" rating for the company [1]. Core Views - The company achieved its expected targets for 2023, with revenue of 11 billion yuan, a 30% increase year-on-year, and a net profit of 610 million yuan, reflecting a 60% increase [1]. - The company is expected to continue its positive operational momentum into 2024, with projected net profit for Q1 2024 between 190 million to 200 million yuan, representing a year-on-year increase of 50% to 58% [1]. - The company has implemented various management reforms that have led to improved operational efficiency and profitability [1]. Financial Performance Summary - 2023 Financials: Total revenue was 11,018 million yuan, with a year-on-year growth of 29.9%. The net profit was 612 million yuan, showing a growth of 59.7% [5]. - 2024 Projections: Expected total revenue for 2024 is 13,609 million yuan, with a year-on-year growth of 23.5%. The projected net profit is 847 million yuan, reflecting a growth of 38.3% [5]. - Earnings Per Share (EPS): EPS for 2023 was 0.74 yuan, with projections of 1.03 yuan for 2024, 1.33 yuan for 2025, and 1.58 yuan for 2026 [5]. Growth Drivers - The company has secured 223 new projects, which are expected to contribute over 6.1 billion yuan in annual sales once fully operational [1]. - The international orders accounted for 25.88 billion yuan, representing 42% of total orders, indicating a strong growth in overseas markets [1]. - The emerging digital and energy divisions are gaining traction with significant projects in energy storage and cooling systems [1]. Valuation and Price Target - The target market value has been adjusted to 18 billion yuan, corresponding to a PE ratio of approximately 21 times for 2024, with a target price set at 21.91 yuan [1].