jiangsu leili(SZ:300660) GOLDEN SUN SECURITIES·2024-04-25 02:02Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The company achieved a revenue of 3.077 billion yuan in 2023, representing a year-on-year growth of 6.10%, and a net profit attributable to shareholders of 317 million yuan, which is a 22.44% increase year-on-year [1][13]. - The company has been expanding its high-value-added products, leading to a continuous improvement in gross margin, which reached 29.81% in 2023, the highest since its listing [2][3]. - The automotive parts business showed strong growth, with revenue of 469 million yuan, a significant increase of 43.14% year-on-year, while the small home appliance business also performed well with a revenue of 296 million yuan, up 25.35% year-on-year [13][14]. Financial Performance Summary - The company's revenue and net profit forecasts for 2024-2026 are as follows: - Revenue: 3.589 billion yuan (2024E), 4.369 billion yuan (2025E), 5.284 billion yuan (2026E) [3][7]. - Net profit: 357 million yuan (2024E), 432 million yuan (2025E), 514 million yuan (2026E) [3][7]. - The company's earnings per share (EPS) is projected to increase from 1.00 yuan in 2023 to 1.62 yuan in 2026 [7][3]. - The price-to-earnings (P/E) ratio is expected to decrease from 26.9 in 2023 to 16.6 in 2026, indicating potential valuation improvement [7][3]. Business Strategy and Growth Potential - The company is strategically positioning itself in emerging fields such as humanoid robots and smart manufacturing equipment, focusing on high-precision screw technology and system solution capabilities [14][13]. - The company’s product matrix is continuously being improved, with a focus on high-margin sectors like industrial control and medical fields, which are expected to grow rapidly in the context of global economic recovery [2][3].