FOREVER TECHNOLOGY(SZ:300365) Minsheng Securities·2024-04-28 00:32Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 5.33 CNY [2][9]. Core Insights - The company reported a revenue of 829 million CNY in 2023, representing a year-on-year growth of 36.46%. The net profit attributable to the parent company was 17.86 million CNY, with a non-recurring net profit of 13.99 million CNY, marking a return to profitability. For Q1 2024, the revenue was 112 million CNY, a growth of 1.36% year-on-year, with a net profit of 2.25 million CNY [1][9]. - The company is a leading player in the power BIM sector, leveraging its proprietary technology platforms for BIM applications. It has a strong market position with over 50% market share in 3D line design software and a revenue growth exceeding 40% in its power business in 2023 [1][9]. - The company is diversifying its business into integrated solar storage and charging solutions, focusing on R&D and innovative applications of its core technology platforms, including AI and IoT. It is also expanding into new energy sectors such as photovoltaics and wind power [1][9]. Financial Forecasts - The company is projected to achieve net profits of 43 million CNY, 73 million CNY, and 106 million CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 75X, 44X, and 30X [1][10]. - Revenue forecasts for the same period are 971 million CNY in 2024, 1.12 billion CNY in 2025, and 1.27 billion CNY in 2026, with growth rates of 17.1%, 15.3%, and 13.2% respectively [1][10].