AsAc(SH:601890) Southwest Securities·2024-04-25 03:30Investment Rating - The report maintains a "Hold" rating for the company, indicating a projected relative performance between 10% and 20% over the next six months [10][16]. Core Insights - The company benefited from a high growth in the shipbuilding and offshore oil and gas industries, achieving a revenue of 1.93 billion yuan in 2023, a year-on-year increase of 27.3%, and a net profit attributable to shareholders of 236.51 million yuan, up 58.7% year-on-year [10][11]. - The company is a global leader in anchor chains, with a significant increase in orders and revenue driven by the recovery in the shipbuilding sector and high demand in offshore oil and gas exploration [10][11]. - The report forecasts a compound annual growth rate (CAGR) of 26% for net profit from 2024 to 2026, with projected net profits of 293.69 million yuan, 375.52 million yuan, and 475.27 million yuan for the respective years [10][11]. Financial Performance Summary - Revenue and Growth Rates: - 2023 Revenue: 1,931.11 million yuan, with a growth rate of 27.34% - 2024E Revenue: 2,399.57 million yuan, with a growth rate of 24.26% - 2025E Revenue: 2,984.48 million yuan, with a growth rate of 24.38% - 2026E Revenue: 3,653.91 million yuan, with a growth rate of 22.43% [2][10][24]. - Net Profit and Growth Rates: - 2023 Net Profit: 236.51 million yuan, with a growth rate of 58.71% - 2024E Net Profit: 293.69 million yuan, with a growth rate of 24.18% - 2025E Net Profit: 375.52 million yuan, with a growth rate of 27.86% - 2026E Net Profit: 475.27 million yuan, with a growth rate of 26.56% [2][10][24]. - Earnings Per Share (EPS): - 2023 EPS: 0.25 yuan - 2024E EPS: 0.31 yuan - 2025E EPS: 0.39 yuan - 2026E EPS: 0.50 yuan [2][10][24]. - Return on Equity (ROE): - 2023 ROE: 6.49% - 2024E ROE: 7.65% - 2025E ROE: 9.04% - 2026E ROE: 10.43% [2][10][24]. - Price-to-Earnings (PE) Ratio: - 2024E PE: 28 - 2025E PE: 22 - 2026E PE: 17 [2][10][24]. Business Outlook - The company is expected to maintain stable growth in its ship chain business, with order growth rates projected at 24%, 22%, and 18% for 2024-2026, respectively [6][23]. - The report highlights the potential for significant growth in the high-strength mining chain market, as approximately 80% of large-scale high-strength round mining chains in China are currently imported [10][11]. - The offshore wind power mooring chain segment is anticipated to become a new growth driver, with global floating offshore wind capacity expected to exceed 1 GW annually by 2026 [10][11].