JJHB(SH:603279) Soochow Securities·2024-04-28 23:30Investment Rating - The investment rating for the company is "Buy" [8][14]. Core Views - The company has shown continuous revenue growth, with a 2023 revenue of 6.249 billion yuan, representing a year-on-year increase of 10%. The net profit attributable to the parent company reached 1.008 billion yuan, up 21% year-on-year. The gross profit margin was 31.75%, an increase of 1.02 percentage points, while the net profit margin was 16.13%, up 1.45 percentage points [8][6]. - The company is a leader in the filter press sector, with new production capacity expected to be released, and its products have a competitive advantage in overseas markets, which is anticipated to drive order growth [8][6]. - The company maintains a long-term high dividend policy, with a total dividend of 611 million yuan in 2023, representing a year-on-year increase of 6% [8][6]. Financial Summary - Revenue Forecasts: - 2023A: 6,249 million yuan - 2024E: 6,764 million yuan - 2025E: 7,641 million yuan - 2026E: 8,645 million yuan [3] - Net Profit Forecasts: - 2023A: 1,008.09 million yuan - 2024E: 1,091.19 million yuan - 2025E: 1,232.22 million yuan - 2026E: 1,393.67 million yuan [3] - Earnings Per Share (EPS): - 2023A: 1.75 yuan - 2024E: 1.89 yuan - 2025E: 2.14 yuan - 2026E: 2.42 yuan [3] - Price-to-Earnings (P/E) Ratio: - 2023A: 13.30 - 2024E: 12.29 - 2025E: 10.88 - 2026E: 9.62 [3] Operational Highlights - The company reported a year-end contract liability of 2.576 billion yuan in 2023, an increase of 19% year-on-year, and 2.598 billion yuan in Q1 2024, up 18% [8][6]. - The company’s operating cash flow for 2023 was 268 million yuan, with a significant improvement in Q4 2023 and Q1 2024 [11][8]. Segment Performance - By Industry: - Environmental protection: 1.605 billion yuan (+10%) - Mineral processing: 1.659 billion yuan (+7%) - New energy materials: 1.655 billion yuan (+46%) - Chemical: 611 million yuan (-16%) - Sand and gravel: 392 million yuan (-5%) - Biomedicine: 310 million yuan (-18%) [8][6]. - By Product: - Filter press: 4.885 billion yuan (+3%) - Accessories: 927 million yuan (+1%) - Supporting equipment: 420 million yuan [8][6]. Market Data - The closing price of the stock is 23.25 yuan, with a market capitalization of approximately 13.22 billion yuan [7].