UNICOMP(SH:688531) Guoxin Securities·2024-04-30 03:00Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company has shown strong revenue growth, with a 21.19% increase in 2023 and a 35.51% increase in Q1 2024. The net profit for 2023 grew by 59.27% [4][6] - The company is a leading supplier of industrial X-ray detection equipment in China, with significant growth potential due to its self-developed micro-focus X-ray source technology, which breaks the overseas monopoly [4][6] - The company has announced a stock incentive plan, reflecting confidence in its future growth, with performance targets set for revenue and net profit growth from 2024 to 2026 [4][6] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are estimated at 780 million, 1,009 million, and 1,244 million CNY respectively, with corresponding growth rates of 32.8%, 29.3%, and 23.3% [2][4] - The net profit forecasts for the same period are 168 million, 227 million, and 283 million CNY, with growth rates of 47.1%, 35.0%, and 24.5% [2][4] - The company's earnings per share (EPS) are projected to increase from 1.44 CNY in 2023 to 3.56 CNY in 2026 [2][4] - The EBIT margin is expected to improve from 7.6% in 2023 to 17.6% in 2026, while the return on equity (ROE) is projected to rise from 3.5% to 7.3% over the same period [2][4] - The price-to-earnings (PE) ratio is forecasted to decrease from 51.8 in 2023 to 20.9 in 2026, indicating a more attractive valuation over time [2][4]