SCIYON(SZ:002380) Xinda Securities·2024-05-06 00:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance in 2023 met expectations, with a revenue of 1.407 billion yuan, representing a year-on-year increase of 21.90% [1] - The company achieved a net profit attributable to shareholders of 161 million yuan, marking a turnaround from a loss in the previous year [1] - The gross margin improved to 39.21%, an increase of 7.69 percentage points year-on-year [1] Financial Performance Summary - Total revenue for 2023 was 1,407 million yuan, up 21.90% from 2022 [6] - The net profit attributable to shareholders was 161 million yuan, a significant recovery from a loss of 434 million yuan in 2022 [6] - The gross margin for 2023 was 39.2%, compared to 31.5% in 2022 [6] - The company’s operating cash flow was positive, indicating improved cash generation capabilities [1] Business Segment Performance - The industrial automation segment generated revenue of 1,081 million yuan, a year-on-year increase of 7.63% [1] - The company has strengthened its talent pool and maintained stable expense ratios, with a sales expense ratio of 14.44% [1] - The company has made significant advancements in innovation, with successful product developments and collaborations [1] Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.92 yuan, 1.19 yuan, and 1.50 yuan respectively [6] - The price-to-earnings (P/E) ratios for the next three years are expected to be 18.48, 14.38, and 11.42 [6]