J.S. Machine(SZ:000821) East Money Securities·2024-05-07 08:00Investment Rating - The report maintains a "Buy" rating for the company [9][15]. Core Views - The photovoltaic industry is experiencing a continuous deterioration in competitive landscape, with downstream demand falling short of expectations and technological iterations leading to a decline in product competitiveness [1]. - The company reported a significant increase in performance for Q1 2024, with a year-on-year revenue growth of 53.12% and a net profit growth of 143.82% [11]. - The company has a robust order backlog in the photovoltaic sector, with a total order value of 9.779 billion yuan as of December 31, 2023, representing a year-on-year increase of 79.63% [11]. - The company is a leader in perovskite equipment, having developed various technologies and maintaining a high level of research and development investment [11]. Financial Summary - For the fiscal year 2023, the company achieved a revenue of 7.214 billion yuan, a year-on-year increase of 48.20%, and a net profit of 336.52 million yuan, up 11.45% [11][15]. - The projected revenues for 2024, 2025, and 2026 are 10.570 billion yuan, 11.522 billion yuan, and 12.588 billion yuan, respectively, with corresponding net profits of 551.05 million yuan, 685.59 million yuan, and 894.73 million yuan [15]. - The company’s EBITDA for 2024 is projected to be 789.71 million yuan, with a P/E ratio of 16 and a P/B ratio of 2.15 [15].