SANXING(601567) 太平洋·2024-05-07 10:00Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - The company is expected to achieve rapid growth driven by its dual business model in power distribution and medical services. Revenue projections for 2024-2026 are estimated at 145.67 billion, 177.96 billion, and 209.33 billion yuan, with year-on-year growth rates of 27.09%, 22.16%, and 17.63% respectively. Corresponding net profits are projected at 23.06 billion, 28.06 billion, and 33.34 billion yuan, with growth rates of 21.13%, 21.68%, and 18.83% respectively [3][4]. Financial Performance Summary - For 2023, the company reported a revenue of 114.63 billion yuan, a year-on-year increase of 25.99%. The net profit attributable to shareholders was 19.04 billion yuan, reflecting a significant increase of 100.79% [2][4]. - In Q1 2024, the company achieved a revenue of 30.25 billion yuan, up 34.53% year-on-year, with a net profit of 3.64 billion yuan, an increase of 35.15% [2][3]. - The gross profit margin for 2023 was 33.99%, up 5.11 percentage points from the previous year, while the net profit margin was 16.76%, an increase of 6.15 percentage points [2][4]. Business Segments Overview - The smart power distribution segment generated revenue of 84.36 billion yuan in 2023, a year-on-year increase of 23.90%, with a gross margin of 34.12% [2][3]. - The medical services segment reported revenue of 27.83 billion yuan, a 34.73% increase year-on-year, with rehabilitation services contributing 13.11 billion yuan, up 64.80% [2][3]. Market Expansion and Strategy - The company has a strong international presence with manufacturing bases in Brazil, Indonesia, Poland, Mexico, and Germany, and sales centers in Sweden, Colombia, Nepal, Peru, and Bangladesh, covering over 70 countries [2][3]. - The company is actively expanding its smart power distribution business in Europe and the Middle East, with successful bids in Saudi Arabia and Greece [2][3].