Absen(SZ:300389) ZHONGTAI SECURITIES·2024-04-29 02:30Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [4]. Core Insights - The company reported a revenue of 4.006 billion yuan in 2023, a year-on-year increase of 43.3%, with a net profit of 316 million yuan, up 55.5% year-on-year [9]. - The company aims to achieve a signed order revenue of 8 billion yuan in 2024 and 10 billion yuan in 2025, reflecting strong growth confidence [9]. - The upcoming 2024 Paris Olympics is expected to stimulate demand for high-end display products, benefiting the company significantly [9]. Financial Summary - Revenue Forecast: The company anticipates revenues of 6.045 billion yuan in 2024, 8.214 billion yuan in 2025, and 10.314 billion yuan in 2026, with growth rates of 51%, 36%, and 26% respectively [8]. - Net Profit Forecast: Expected net profits are 484 million yuan in 2024, 665 million yuan in 2025, and 855 million yuan in 2026, with growth rates of 53%, 37%, and 29% respectively [9]. - Earnings Per Share (EPS): Projected EPS is 1.33 yuan in 2024, 1.83 yuan in 2025, and 2.35 yuan in 2026 [9]. Market Position and Strategy - The company is actively expanding its domestic market presence, which has led to an increase in domestic revenue share, although this has impacted overall profit margins due to lower margins compared to overseas operations [9]. - The company launched 55 new products in 2023, enhancing its competitive edge in the high-end Mini/Micro LED display market [9].