GS(SH:601500) INDUSTRIAL SECURITIES·2024-04-29 05:02Investment Rating - The report assigns an "Accumulate" rating for the company, General Shares (601500) [1][5]. Core Views - The company has shown strong performance with a revenue of 5.064 billion yuan in 2023, representing a year-on-year growth of 22.91%. The net profit attributable to shareholders reached 216 million yuan, a significant increase of 1175.49% [4][14]. - In Q1 2024, the company achieved a revenue of 1.443 billion yuan, marking a year-on-year growth of 37.58% and a quarter-on-quarter increase of 4.23%. The net profit attributable to shareholders was 153 million yuan, reflecting a year-on-year growth of 1270.57% and a quarter-on-quarter growth of 164.65% [4][14]. - The company is expanding its production capacity overseas, with new projects in Thailand and Cambodia underway, which is expected to enhance its international competitiveness and growth potential [5][14]. Financial Summary - Revenue (Million Yuan): - 2023: 5064 - 2024E: 6375 (25.9% growth) - 2025E: 8581 (34.6% growth) - 2026E: 10341 (20.5% growth) [3][16] - Net Profit (Million Yuan): - 2023: 216 - 2024E: 625 (188.9% growth) - 2025E: 828 (32.5% growth) - 2026E: 1249 (50.8% growth) [3][16] - Gross Margin: - 2023: 15.7% - 2024E: 24.2% - 2025E: 24.6% - 2026E: 24.7% [3][16] - Return on Equity (ROE): - 2023: 3.9% - 2024E: 10.4% - 2025E: 12.3% - 2026E: 16.1% [3][16] - Earnings Per Share (EPS): - 2023: 0.14 - 2024E: 0.40 - 2025E: 0.53 - 2026E: 0.79 [3][16]