Smarter Energy(SH:600869) China Post Securities·2024-04-30 04:02Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][11]. Core Insights - The company has shown stable growth in its smart cable network and airport business, while the battery segment is expected to improve marginally [10]. - In 2023, the company reported revenue of 24.47 billion yuan, a year-on-year increase of 12.8%, but the net profit attributable to the parent company was 320 million yuan, down 42.1% year-on-year [10]. - The smart cable network business generated revenue of 22.6 billion yuan in 2023, with a gross margin of 12.4%, while the smart battery business saw revenue of 590 million yuan, up 19.1% year-on-year, but with a gross margin of -17.8% [10]. Financial Performance Summary - Revenue projections for 2024-2026 are 27.91 billion yuan, 31.77 billion yuan, and 36.67 billion yuan, respectively, with corresponding net profits of 860 million yuan, 1.186 billion yuan, and 1.223 billion yuan [11]. - The company’s EBITDA for 2023 is projected at 1.07958 billion yuan, with a growth rate of 12.85% [3]. - The company’s P/E ratio is expected to decrease significantly from 28.47 in 2023 to 10.56 in 2024, indicating improved valuation metrics in the coming years [3][11].