JPT(SH:688025) Caixin Securities·2024-04-26 09:00Investment Rating - The report maintains an "Accumulate" rating for the company [6][28]. Core Views - The company achieved a revenue of 1.226 billion yuan in 2023, representing a year-on-year increase of 4.46% [1]. - The net profit attributable to shareholders reached 107 million yuan, up 39.87% year-on-year, while the net profit excluding non-recurring items was 86 million yuan, reflecting a 58.20% increase [1]. - The fourth quarter of 2023 saw a revenue of 322 million yuan, down 12.31% year-on-year, with a net profit of 23 million yuan, a decrease of 8.48% year-on-year, but a significant increase of 63.52% in net profit excluding non-recurring items [1]. - The company is positioned as a leader in MOPA laser technology and is actively expanding its business in the optical equipment sector [28]. Financial Summary - The company's revenue for 2024 is projected to be 1.541 billion yuan, with net profits expected to reach 201 million yuan, corresponding to an EPS of 2.11 yuan [28]. - For 2025 and 2026, the projected net profits are 277 million yuan and 362 million yuan, with EPS of 2.91 yuan and 3.81 yuan respectively [28]. - The P/E ratios for 2024, 2025, and 2026 are estimated to be 20.18, 14.65, and 11.20 respectively [28]. Business Performance - The company's gross margin for 2023 was 41.11%, an increase of 5.48 percentage points year-on-year, with a Q4 gross margin of 45.76% [19]. - The revenue from laser products grew by 11.63% year-on-year to 666 million yuan, while the revenue from laser/optical intelligent equipment decreased by 8.11% to 436 million yuan [19]. - The company is expanding its lithium battery laser business and has developed a second-generation perovskite laser cutting equipment that has received orders from industry clients [20].