SANXING(SH:601567) China Post Securities·2024-04-28 06:30Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company reported a revenue of 11.463 billion yuan in 2023, representing a 26% increase year-on-year, and a net profit attributable to shareholders of 1.904 billion yuan, which is a 101% increase [4] - The gross margin and net margin improved to 33.99% and 16.76%, respectively, with significant contributions from the increase in gross margin [4] - The company has a strong order backlog in its smart distribution and power supply segment, with total orders reaching 12.462 billion yuan, a 33% increase year-on-year [4] - The company is expanding its overseas market presence, with a mature sales network covering over 70 countries and regions [4] - The company is also focusing on the rehabilitation medical business, with a revenue of 2.809 billion yuan in 2023, a 25% increase [4] Financial Summary - The company’s projected net profit for 2024-2026 is estimated to be 2.295 billion yuan, 2.722 billion yuan, and 3.329 billion yuan, respectively [5] - The corresponding P/E ratios for 2024-2026 are projected to be 20.82x, 17.56x, and 14.35x [5] - The company’s revenue is expected to grow from 14.688 billion yuan in 2024 to 21.951 billion yuan in 2026, with growth rates of 28.14% and 22.35% respectively [6][7]