AsAc(SH:601890) Caixin Securities·2024-04-29 11:30Investment Rating - The report assigns a rating of "Accumulate" for the company Yaxing Anchor Chain (601890.SH) [4] Core Views - The company achieved significant growth in 2023, with revenue increasing by 27.34% to 1.931 billion yuan and net profit rising by 58.71% to 237 million yuan, indicating that profit growth outpaced revenue growth [20] - The company is well-positioned in the ship anchor chain and offshore platform mooring chain industries, with stable demand expected to continue due to the recovery in the shipbuilding and offshore oil and gas sectors [9][21] - The report forecasts revenue for 2024-2026 to be 2.450 billion, 2.970 billion, and 3.650 billion yuan respectively, with corresponding net profits of 284 million, 351 million, and 464 million yuan [9] Financial Performance - In Q1 2024, the company reported revenue of 449 million yuan, a year-on-year decrease of 8.14%, while net profit increased by 15.30% to 68 million yuan [6] - The company's gross margin for Q1 2024 was 27.45%, reflecting a year-on-year increase of 1.10 percentage points, while the net margin improved to 15.33%, up 3.08 percentage points year-on-year [6] - The company’s operating expenses increased, with a total expense ratio of 15.07% in Q1 2024, up from 14.37% in the same period last year [6] Industry Insights - The shipbuilding industry in China has maintained its position as the world's largest, with a market share exceeding 50% in terms of completed shipbuilding, new orders, and backlog [7] - The offshore oil and gas sector is experiencing a recovery, with global investment in marine oil and gas exploration and development expected to exceed pre-2019 levels, reaching approximately 186.9 billion USD, a year-on-year increase of 14% [7] - The company sold 132,727 tons of ship anchor chains and accessories in 2023, representing a year-on-year increase of 23.62%, while sales of mooring chains reached 32,087 tons, up 18.63% year-on-year [7]