SNS(300470) 华安证券·2024-04-29 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.369 billion yuan in 2023, representing a year-on-year increase of 12.73%. In Q1 2024, revenue reached 336 million yuan, up 17.1% year-on-year. The company continues to expand its international market presence [1][4] - The net profit attributable to the parent company for 2023 was 347 million yuan, a year-on-year increase of 12.09%. In Q4 2023, the net profit reached a historical high of 98 million yuan, while Q1 2024 net profit was 83 million yuan, up 2.88% year-on-year [1][4] - The company maintains a strong position in the oil and gas transportation sector and is advancing in the nuclear power field, with ongoing research and development efforts aimed at domestic substitution [1][4] - The company’s international business revenue exceeded 130 million yuan in 2023, with a significant increase in new contracts signed, indicating potential for sustained high growth [1][4] Financial Performance Summary - The company’s revenue projections for 2024-2026 are 1.562 billion, 1.803 billion, and 2.081 billion yuan, respectively, with corresponding net profits of 405 million, 468 million, and 542 million yuan [4][5] - The gross profit margin for 2023 was 49.65%, slightly down by 1.69 percentage points year-on-year. The gross profit margin for Q1 2024 was 47.98% [1][5] - The company’s return on equity (ROE) is projected to be 13.4% in 2024, with a gradual increase to 13.8% by 2026 [5]