J.S. Machine(000821) Minsheng Securities·2024-04-25 04:30Investment Rating - The report maintains a "Recommended" rating for the company [8][12]. Core Views - The company is positioned to become a core supplier of perovskite battery equipment, with significant growth potential in the perovskite battery sector [12]. - The company achieved a revenue of 7.214 billion yuan in 2023, representing a year-on-year growth of 48.2%, and a net profit attributable to shareholders of 337 million yuan, with a growth rate of 11.4% [17]. - The company is expected to achieve revenues of 8.718 billion yuan, 10.591 billion yuan, and 12.252 billion yuan in 2024, 2025, and 2026 respectively, with corresponding net profits of 518 million yuan, 688 million yuan, and 1.195 billion yuan, indicating growth rates of 53.9%, 32.8%, and 73.7% [12][18]. Financial Forecasts - Revenue projections for 2024-2026 are 87.18 billion yuan, 105.91 billion yuan, and 122.52 billion yuan, with net profits of 5.18 billion yuan, 6.88 billion yuan, and 11.95 billion yuan respectively [12]. - The earnings per share (EPS) are forecasted to be 0.54 yuan, 0.83 yuan, 1.10 yuan, and 1.92 yuan for the years 2024, 2025, and 2026 [18]. - The price-to-earnings (PE) ratios are projected to be 16, 12, and 7 for the years 2024, 2025, and 2026 respectively, while the price-to-book (PB) ratios are expected to be 2.3, 2.0, and 1.7 [12][18].