Fengyuzhu(SH:603466) Huaxin Securities·2024-04-25 23:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has a strong order backlog with a total of 4.489 billion yuan in orders as of the end of 2023, indicating robust demand and resilience in its main business [1] - The first quarter of 2024 shows pressure on profits, but the overall development trend for the year remains positive, awaiting a turning point in operations [1][2] - The company is leveraging immersive technologies such as VR/MR and AI to create new growth opportunities in the cultural tourism sector, enhancing its product offerings [2] Financial Summary - In 2023, the company reported revenue of 2.35 billion yuan, a year-on-year increase of 39.75%, with a net profit of 282 million yuan, reflecting a significant growth of 327.5% [1][4] - Revenue projections for 2024-2026 are 2.7 billion yuan, 3 billion yuan, and 3.3 billion yuan respectively, with net profits expected to reach 340 million yuan, 415 million yuan, and 514 million yuan [2][4] - The company's earnings per share (EPS) are projected to grow from 0.47 yuan in 2023 to 0.86 yuan by 2026 [4]