KEHUA HENGSHENG(SZ:002335) KAIYUAN SECURITIES·2024-04-26 08:32Investment Rating - The investment rating for the company is "Buy" (maintained) [12]. Core Views - The company is experiencing steady growth driven by its "AI + New Energy" strategy, with significant revenue increases in both the new energy and data center sectors [12][14]. - The company reported a substantial year-on-year revenue growth of 44.1% in 2023, reaching 8.14 billion yuan, and a net profit increase of 104.4%, amounting to 508 million yuan [13][17]. - The forecast for 2024-2025 net profit has been adjusted downwards to 710 million yuan and 869 million yuan respectively, due to competitive pressures and declining prices in the energy storage sector [13][14]. Financial Performance Summary - In 2023, the company's new energy revenue reached 4.29 billion yuan, a year-on-year increase of 142.8%, with a gross margin of 21.9% [14]. - The data center business generated 2.76 billion yuan in revenue in 2023, showing a slight decline of 1.9% year-on-year, but with a gross margin of 31.1% [15]. - The company has a total market capitalization of 11.64 billion yuan and a circulating market capitalization of 10.11 billion yuan [12]. Earnings Forecast - The earnings per share (EPS) are projected to be 1.54 yuan for 2024, 1.88 yuan for 2025, and 2.30 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 16.4, 13.4, and 11.0 respectively [13][17]. - The company’s return on equity (ROE) is expected to improve from 11.5% in 2023 to 14.8% by 2026 [17].