JL(300589) 华鑫证券·2024-04-25 01:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on sufficient order backlog and anticipated performance improvements [41]. Core Insights - The company has significantly improved its performance, with a projected revenue of 1.187 billion yuan in 2023, representing a year-on-year growth of 74.4% [4][41]. - The company’s net profit attributable to shareholders is expected to reach 0.44 billion yuan in 2023, reflecting a remarkable growth rate of 236.4% compared to the previous year [4][41]. - The company is strategically positioned in the deep-sea aquaculture vessel market, having signed a contract worth approximately 250 million yuan for the construction of the world's first natural exchange-type aquaculture vessel [3]. Summary by Sections Revenue and Profit Forecast - The company forecasts revenues of 2.135 billion yuan in 2024, 2.674 billion yuan in 2025, and 3.149 billion yuan in 2026, with respective growth rates of 79.9%, 25.2%, and 17.8% [4]. - The net profit attributable to shareholders is projected to be 0.144 billion yuan in 2024, 0.210 billion yuan in 2025, and 0.270 billion yuan in 2026, with growth rates of 227.3%, 45.6%, and 28.5% respectively [4]. Business Expansion and Market Position - The company has enhanced its production capacity with advanced equipment, allowing for the construction of vessels over 100 meters in length and 2,000 tons in displacement, thereby expanding its order intake capabilities [2]. - The company is actively participating in the deep-sea aquaculture sector, which is becoming increasingly important due to the reduction of suitable coastal aquaculture areas in China [3]. Financial Metrics - The report highlights a projected EPS of 0.38 yuan in 2024, 0.56 yuan in 2025, and 0.71 yuan in 2026, with corresponding P/E ratios of 30, 21, and 16 [41]. - The company’s return on equity (ROE) is expected to improve significantly, reaching 14.0% in 2024 and 17.7% in 2026 [4].