LSGC(600738) 民生证券·2024-04-30 04:30Investment Rating - The report maintains a "Recommended" rating for the company [8][10]. Core Insights - The company achieved a revenue of 880 million yuan in 2023, representing a year-on-year growth of 16.39%, while the net profit attributable to shareholders was 83 million yuan, down 4.30% year-on-year [10]. - The company is expected to see revenue growth of 9.8% in 2024, reaching 966 million yuan, and a net profit of 133 million yuan, reflecting a significant increase of 60.9% [10]. - The report highlights the improvement in gross margins across three main business segments, with the overall gross margin for 2023 at 54.66%, up 8.99 percentage points year-on-year [10]. - The company plans to raise 730 million yuan through a private placement to enhance market transformation and digital upgrades, indicating strong confidence from major shareholders [10]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 966 million yuan, 1,046 million yuan, and 1,124 million yuan, respectively, with corresponding net profits of 133 million yuan, 148 million yuan, and 159 million yuan [10][11]. - The report anticipates a PE ratio of 24 for 2024, decreasing to 20 by 2026, suggesting that the current valuation is reasonable [10][11]. - The company’s cash flow from operating activities is projected to be 204 million yuan in 2024, increasing to 439 million yuan by 2026 [11].