Huaqin Technology (SH:603296) China Post Securities·2024-04-26 05:30Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's operating income for 2023 was 85.34 billion yuan, a year-on-year decrease of 7.89%, while the net profit attributable to shareholders was 2.71 billion yuan, an increase of 5.59%. The non-recurring net profit was 2.16 billion yuan, up 15.77% [3] - The high-performance computing business accounted for 59.28% of the company's revenue in 2023, with significant growth in data services and automotive electronics [3] - The company is expected to achieve net profits of 3.13 billion yuan, 3.63 billion yuan, and 4.14 billion yuan for the years 2024, 2025, and 2026 respectively, indicating a positive growth outlook [3] Financial Summary - The company's total revenue is projected to grow from 85.34 billion yuan in 2023 to 123.63 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 12.19% [4][5] - The EBITDA is expected to increase from 3.67 billion yuan in 2023 to 6.61 billion yuan in 2026, reflecting a strong operational performance [4] - The earnings per share (EPS) is forecasted to rise from 3.73 yuan in 2023 to 5.71 yuan in 2026, indicating improving profitability [4][5]