Guobo Electronics (SH:688375) Minsheng Securities·2024-04-30 07:00Investment Rating - The report maintains a "Recommended" rating for Guobo Electronics (688375.SH) with a target price of 73.68 yuan [2]. Core Views - The company achieved a net profit of 606 million yuan in 2023, representing a year-on-year growth of 16.5%. The revenue for the same period was 3.567 billion yuan, with a slight increase of 3.1% [2][4]. - In Q1 2024, the company reported a net profit of 61 million yuan, with revenue of 690 million yuan, showing a year-on-year decrease of 0.6% [2]. - The company is actively expanding its T/R component applications and has made significant advancements in technology research and market development [2]. Financial Performance Summary - For 2023, the total revenue was 3,567 million yuan, with a growth rate of 3.1%. The net profit attributable to shareholders was 606 million yuan, with a growth rate of 16.5% [4]. - The projected revenues for 2024, 2025, and 2026 are 4,186 million yuan, 5,090 million yuan, and 6,054 million yuan, respectively, indicating growth rates of 17.4%, 21.6%, and 18.9% [4]. - The net profit forecasts for the same years are 717 million yuan, 879 million yuan, and 1,064 million yuan, with growth rates of 18.3%, 22.6%, and 21.0% [4]. Profitability and Efficiency - The gross margin for 2023 was 32.28%, with a projected slight decrease to 30.99% in 2025 and 30.94% in 2026 [4]. - The net profit margin for 2023 was 17.00%, expected to increase to 17.57% by 2026 [4]. - The return on assets (ROA) is projected to rise from 7.16% in 2023 to 8.29% in 2026, while the return on equity (ROE) is expected to increase from 10.11% to 13.45% over the same period [4]. Cash Flow and Debt Management - The operating cash flow for 2023 was 839 million yuan, with projections of 1,637 million yuan for 2024 [5]. - The company maintains a strong liquidity position, with a current ratio of 2.77 in 2023, expected to decrease to 2.15 by 2026 [5]. - The debt-to-asset ratio is projected to rise from 29.19% in 2023 to 38.39% in 2026, indicating a gradual increase in leverage [5].