Shenzhen Manst Technology (SZ:301325) Caixin Securities·2024-04-30 07:00Investment Rating - The report maintains an "Accumulate" rating for the company [19][11]. Core Views - The company achieved significant growth in 2023, with revenue of 795 million yuan, up 62.76% year-on-year, and a net profit attributable to shareholders of 341 million yuan, up 67.98% year-on-year. However, the net profit for Q1 2024 saw a slight decline of 14.73% year-on-year, attributed to substantial upfront investments in the energy storage business [3][11]. - The company is a leading supplier of coating technology and coating heads in China, with a focus on expanding into new fields such as perovskite solar cells, display panels, and hydrogen energy [4][9]. - The company has established a joint laboratory for perovskite thin-film solar cells with the Shenzhen Institute of Advanced Technology, indicating a commitment to innovation and new product development [9][11]. Financial Summary - In 2023, the company reported a revenue of 795 million yuan and a net profit of 341 million yuan. The forecast for 2024-2026 projects revenues of 1.11 billion yuan, 1.49 billion yuan, and 1.84 billion yuan, respectively, with corresponding net profits of 451 million yuan, 611 million yuan, and 761 million yuan [8][11]. - The earnings per share (EPS) for 2024 is projected at 3.76 yuan, with a price-to-earnings (P/E) ratio of 17.13 [8][11]. - The company has a total market capitalization of approximately 7.72 billion yuan, with a circulating market capitalization of about 1.68 billion yuan [6].