MLS(SZ:002745) EBSCN·2024-05-07 01:02Investment Rating - The report maintains a "Buy" rating for the company with a current price of 8.39 CNY [5] Core Views - The company, Mulinson, is a leading player in the domestic LED packaging manufacturing sector, employing over 21,000 people and operating five production bases across Guangdong, Jiangxi, and Zhejiang provinces [4] - In 2023, the company achieved a main business revenue of 17.536 billion CNY, a year-on-year increase of 6.17%, and a net profit attributable to shareholders of 430 million CNY, a significant year-on-year increase of 121.71% [4] - The company is actively optimizing its overseas brand channels and advancing its digital transformation [5][19] - The company has a strong brand portfolio, including domestic brands like "Mulinson MLS" and international brands like "LEDVANCE," which enhances its market presence [4][8] - The company is focusing on expanding its overseas LEDVANCE channel layout, which is expected to contribute to revenue growth [19] Financial Summary - The company forecasts a decline in net profit for 2024 and 2025, with estimates of 712 million CNY and 913 million CNY respectively, reflecting a downward adjustment of 24.50% and 28.67% [19] - The projected revenue for 2024 is 19.289 billion CNY, with a growth rate of 10% [26] - The company's earnings per share (EPS) is expected to increase from 0.29 CNY in 2023 to 0.48 CNY in 2024 [26] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 29 in 2023 to 17 in 2024 [26] Digital Transformation and Manufacturing Strategy - The company is committed to digital transformation and smart manufacturing, achieving progress in supply-demand coordination, production, and logistics [25] - A comprehensive digital management platform has been established to connect suppliers and customers, enhancing operational efficiency and reducing costs [18][25]