EAGLERISE(CHINA)(SZ:002922) Huaxin Securities·2024-05-06 06:30Investment Rating - The report maintains a "Buy" investment rating for the company [1]. Core Insights - The company continues to focus on its "2+X" strategic layout, with energy products and lighting products as the foundation, while expanding into new application areas such as automotive power supplies, automotive inductors, energy storage, and charging piles [1]. - In 2023, the company's other product revenue increased by 67.36 million yuan, a year-on-year growth of 54.04%, mainly due to the gradual ramp-up of incubated business products and effective customer development [1]. - The forecasted revenues for 2024, 2025, and 2026 are 46.6 billion yuan, 58.3 billion yuan, and 69.7 billion yuan, respectively, with corresponding EPS of 0.87 yuan, 1.13 yuan, and 1.38 yuan, leading to PE ratios of 20, 16, and 13 times [1]. Financial Summary - The company's main revenue for 2023 is projected at 36.3 billion yuan, with a year-on-year growth rate of 28.7% [3]. - The net profit attributable to shareholders for 2023 is expected to be 2.09 billion yuan, reflecting a growth rate of 9.3% [3]. - The diluted EPS for 2023 is estimated at 0.53 yuan, with a projected ROE of 6.7% [3]. - The company anticipates a significant increase in net profit for 2024, with a forecast of 3.41 billion yuan, representing a growth rate of 62.9% [3].