J.S. Machine(SZ:000821)2024-05-07 08:06Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Insights - The company reported significant growth in both revenue and net profit for 2023 and Q1 2024, with 2023 revenue reaching 7.214 billion yuan, a year-on-year increase of 48.20%, and a net profit of 337 million yuan, up 11.45% [1] - In Q1 2024, the company achieved revenue of 2.032 billion yuan, a year-on-year increase of 53.12%, and a net profit of 130 million yuan, showing a substantial growth of 143.82% [1] - The company has a strong order backlog in the photovoltaic sector, with contracts amounting to 3.281 billion yuan as of March 31, 2024, representing a 99.57% increase from the beginning of 2023 [1] - Research and development expenses have been consistently high, with 2023 and Q1 2024 R&D expenditures of 457 million yuan and 105 million yuan, respectively, reflecting year-on-year growth of 71.96% and 55.89% [1] Summary by Sections Financial Performance - The company expects revenues of 10.570 billion yuan, 11.522 billion yuan, and 12.588 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 551 million yuan, 686 million yuan, and 895 million yuan [5] - The projected EPS for the same years is 0.88 yuan, 1.10 yuan, and 1.44 yuan, with P/E ratios of 16, 13, and 10 times [5] Market Position - The company is a leader in perovskite equipment, having developed various technologies for the production of perovskite solar cells, including PVD, ALD, and evaporation techniques [1] - The company has established a comprehensive supply capability for perovskite production lines, covering the entire process from solution preparation to equipment for cell fabrication [1] Cost Management - The company's total expenses have been decreasing as a percentage of revenue, with Q1 2024 total expenses accounting for 6.25% of revenue, down 2.72 percentage points year-on-year [1] - The company demonstrates strong cost control capabilities, contributing to its profitability [1]