JJHB(SH:603279) GOLDEN SUN SECURITIES·2024-04-26 03:02Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has shown continuous revenue growth, achieving a revenue of 6.25 billion yuan in 2023, a year-on-year increase of 10.0%, and a net profit of 1.01 billion yuan, up 20.9% year-on-year [2][5]. - The company's profitability is steadily improving, with a gross margin of 31.7% in 2023, an increase of 1.0 percentage points year-on-year, and a net profit margin of 16.1%, up 1.5 percentage points year-on-year [3][5]. - The company is expanding its product offerings and export markets, which opens up additional growth opportunities [4][5]. Financial Performance Summary - Revenue for 2023 was 62.49 billion yuan, with a projected growth rate of 9.5% for 2024 [6]. - The net profit for 2023 was 1.008 billion yuan, with expected growth rates of 13.7% for 2024 [6]. - The company’s earnings per share (EPS) for 2023 was 1.75 yuan, with projections of 1.99 yuan for 2024 [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 13.4 in 2023 to 11.8 in 2024 [6]. Business Segments - The company’s revenue from the new energy and new materials segment reached 1.54 billion yuan in 2023, a year-on-year increase of 35.3% [4]. - Revenue from the environmental protection segment was 1.61 billion yuan, up 10.0% year-on-year, driven by stricter environmental policies [4]. - The mineral and processing segment generated 1.66 billion yuan, a 7.0% increase year-on-year, benefiting from increased demand in the coal and strategic mineral industries [4]. - The company’s revenue from supporting equipment and exports was 420 million yuan, with a gross margin of 28.7% [4].