XINYA(SH:605277) Great Wall Securities·2024-05-07 10:32Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [2][24]. Core Insights - The company has significantly increased its revenue, achieving 3.186 billion yuan in 2023, a year-on-year growth of 88.94%. The net profit attributable to shareholders was 144 million yuan, with a slight increase of 0.96% [3][4]. - In Q1 2024, the company reported a revenue of 69.2 million yuan, reflecting a year-on-year increase of 5.15%, and a net profit of approximately 39.78 million yuan, up 33.27% year-on-year [3][4]. - The company is focusing on product technology upgrades and market expansion, which is expected to drive steady revenue growth in the coming years [2][4]. Financial Summary - Revenue is projected to grow from 3.632 billion yuan in 2024 to 5.013 billion yuan in 2026, with respective growth rates of 14.0%, 16.0%, and 19.0% [2][4]. - The net profit attributable to shareholders is forecasted to increase from 171 million yuan in 2024 to 243 million yuan in 2026, with growth rates of 18.3%, 18.5%, and 19.9% [2][4]. - The company's EPS is expected to rise from 0.65 yuan in 2024 to 0.92 yuan in 2026 [2][4]. Industry Position - The company operates in the communication industry, with a strong focus on high-speed data cables and digital materials, serving major clients such as Huawei and Dell [3][4]. - The competitive landscape in 2023 has intensified, but the company is leveraging its R&D investments to enhance its product offerings and market presence [3][4].