Investment Rating - The report maintains an "Accumulate" investment rating for the company [20][33]. Core Views - The company experienced a decline in profitability in 2023, with a gross margin of 27.64%, down 0.12 percentage points year-on-year. The net profit margin decreased by 3.47 percentage points to 4.15% [2][17]. - The company's total revenue for 2023 was 2.511 billion yuan, representing a year-on-year growth of 13.06%. However, the net profit attributable to the parent company was 105 million yuan, a decline of 36.91% year-on-year [17][19]. - The report highlights that the decline in performance was influenced by several factors, including increased marketing expenses for overseas business expansion, higher R&D costs for emerging business areas, losses from the demolition of old factories, and credit impairment losses due to delayed payments from some customers [19]. Financial Summary - The company's revenue is projected to grow significantly in the coming years, with estimates of 3.265 billion yuan in 2024, 4.082 billion yuan in 2025, and 4.902 billion yuan in 2026, reflecting growth rates of 30.0%, 25.0%, and 20.1% respectively [12][20]. - The net profit attributable to the parent company is expected to recover to 151 million yuan in 2024, 205 million yuan in 2025, and 264 million yuan in 2026, with year-on-year growth rates of 44.3%, 35.2%, and 28.9% respectively [20][12]. - The report indicates that the company's EBITDA for 2023 was 204 million yuan, with projections of 282 million yuan in 2024, 385 million yuan in 2025, and 481 million yuan in 2026 [12][20]. Profitability Metrics - The gross margin for 2024 is projected to be 26.5%, with a net profit margin of 4.6% [12][20]. - The report notes a significant increase in R&D expenses, which rose to 154 million yuan in 2023, reflecting the company's commitment to innovation in emerging sectors [12][19]. Market Performance - The company's stock price as of April 26, 2024, was 24.01 yuan, with a total market capitalization of approximately 6.39 billion yuan [33][36]. - The report indicates that the company has a P/E ratio of 60.9 for 2023, which is expected to decrease to 31.2 by 2025, indicating a potential improvement in valuation as earnings recover [12][20].
主营业务稳健增长，盈利能力回升