NARI-TECH(SH:600406) Soochow Securities·2024-04-26 14:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 and Q1 2024 met market expectations, with revenue growth of 10% year-on-year in 2023 and 24% in Q1 2024. The net profit attributable to the parent company increased by 11% year-on-year in 2023 and 14% in Q1 2024 [6][7] - The company plans to achieve a revenue target of 56 billion yuan in 2024, representing an 8.6% year-on-year growth, with a stable gross margin of 26.8% [6] - The company is experiencing accelerated growth in its non-grid business, with revenue from this segment increasing by 35% year-on-year in 2023 [6] Financial Performance - Total revenue for 2023 was 51.573 billion yuan, with a year-on-year increase of 10.13%. The net profit attributable to the parent company was 7.184 billion yuan, up 11.44% year-on-year [1][6] - The company reported a gross margin of 26.8% in 2023, slightly down by 0.3 percentage points year-on-year. The net profit margin for 2023 was 13.9%, an increase of 0.2 percentage points year-on-year [7] - The operating cash flow for 2023 was 11.444 billion yuan, reflecting a 31% year-on-year increase, indicating strong cash flow [7] Revenue and Profit Forecast - The company forecasts revenue of 57.494 billion yuan for 2024, with a year-on-year growth of 11.48%. The net profit is expected to reach 7.902 billion yuan, growing by 10.01% year-on-year [1][8] - The earnings per share (EPS) is projected to be 0.98 yuan for 2024, with a price-to-earnings (P/E) ratio of 25.60 based on the current price [1][8] Market Data - The closing price of the company's stock is 25.18 yuan, with a market capitalization of approximately 202.27 billion yuan [3] - The company has a price-to-book (P/B) ratio of 4.25 and a total circulating A-share market value of approximately 201.05 billion yuan [3][4]