SHAREATE(SH:688257) Soochow Securities·2024-04-26 13:30Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [19]. Core Insights - The company achieved a revenue of 1.549 billion yuan in 2023, representing a year-on-year growth of 30.89%. The net profit attributable to shareholders was 162.99 million yuan, up 10.94% year-on-year [22]. - The growth in revenue is attributed to the enhancement of the hard alloy products and tools supply chain, along with active expansion into overseas markets [22]. - The company has increased its R&D investment, with R&D expenses reaching 72.94 million yuan in 2023, a year-on-year increase of 28.27%, resulting in the acquisition of 6 invention patents and 57 utility model patents [1][23]. Financial Summary - The operating cash flow for 2023 is projected at 450 million yuan, with a significant increase expected in 2024 to 1.74 billion yuan [6]. - The total revenue forecast for 2024 is 1.967 billion yuan, with a projected net profit of 204.67 million yuan, reflecting a growth rate of 25.57% [24]. - The company's gross profit margin for 2023 was 32.52%, an increase of 2.63 percentage points year-on-year, driven by the growth of high-margin products [21]. - The company’s total assets are expected to grow from 3.48 billion yuan in 2023 to 4.901 billion yuan by 2026 [11]. Market Expansion - In 2023, the company’s overseas business revenue reached 737 million yuan, marking an 18.70% increase year-on-year, supported by enhanced management of overseas subsidiaries and participation in influential international exhibitions [1][23]. - The company is focusing on leveraging existing customer resources while exploring the value of old customers through new media platforms for brand promotion and market marketing [1].