业绩稳健增长，下游多元化助力长期发展

Investment Rating - The report maintains a "Buy" rating for Jiangsu Shentong, expecting the stock price to outperform the industry index by over 15% in the next six months [25]. Core Views - The company achieved a revenue of 2.133 billion yuan in 2023, representing a year-on-year growth of 9.1%, and a net profit of 269 million yuan, up 18.2% year-on-year [15][19]. - The diversification of downstream industries is expected to support long-term growth, with significant contributions from sectors such as energy and semiconductor equipment [2][3][19]. - The company plans to raise 300 million yuan through a private placement to fund a high-end valve intelligent manufacturing project, which is anticipated to enhance its capabilities in the nuclear power sector [27]. Financial Summary - Revenue is projected to grow from 2.133 billion yuan in 2023 to 3.424 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 18.2% [1]. - The net profit is expected to increase from 269 million yuan in 2023 to 481 million yuan in 2026, with corresponding EPS rising from 0.53 yuan to 0.95 yuan [1][19]. - The company's return on equity (ROE) is forecasted to improve from 8.2% in 2023 to 11.1% in 2026 [1]. Order and Revenue Breakdown - In 2023, the company secured new orders totaling 2.916 billion yuan, with significant contributions from various sectors including nuclear energy and metallurgy [16]. - The revenue from the energy service sector saw a notable increase of 64.01% year-on-year, driven by new projects coming online [2]. Strategic Initiatives - The establishment of "Shentong New Energy" focuses on the development of high-pressure valves for hydrogen energy applications, indicating a strategic move towards emerging energy sectors [3]. - The company is also advancing in the semiconductor equipment sector through its subsidiary "Shentong Semiconductor," which is currently in the prototype validation stage for key components [3].