J.S. Machine(SZ:000821) Huaan Securities·2024-05-08 13:32Investment Rating - Investment Rating: Buy (Maintain) [14] Core Views - The report highlights that the company achieved a revenue of 72.14 billion yuan in 2023, representing a year-on-year increase of 48.20% [14] - The net profit attributable to the parent company was 3.37 billion yuan, up 11.45% year-on-year, with a gross margin of 20.98% [14] - In Q1 2024, the company reported a revenue of 20.32 billion yuan, a year-on-year increase of 53.12%, and a net profit of 1.30 billion yuan, up 143.82% year-on-year [14] - The company has a strong order backlog in the photovoltaic sector, with orders amounting to 9.779 billion yuan as of December 31, 2023 [14] Financial Summary - Revenue Forecast: The company is projected to achieve revenues of 91.05 billion yuan, 110.49 billion yuan, and 112.14 billion yuan for 2024, 2025, and 2026 respectively [15] - Net Profit Forecast: The net profit attributable to the parent company is expected to be 5.46 billion yuan, 7.38 billion yuan, and 8.00 billion yuan for the same years [15] - Earnings Per Share (EPS): The diluted EPS is forecasted to be 0.88 yuan, 1.18 yuan, and 1.28 yuan for 2024, 2025, and 2026 respectively [15] - Key Financial Ratios: The company’s gross margin is expected to stabilize around 21.7% to 22.4% from 2024 to 2026 [16] Business Segments - Photovoltaic Equipment: The photovoltaic equipment segment generated sales of 55.02 billion yuan, a year-on-year increase of 66.97%, accounting for 76.26% of total revenue [14] - Packaging Equipment: The packaging equipment segment reported sales of 8.17 billion yuan, up 19.75% year-on-year, contributing 11.32% to total revenue [14] - Other Businesses: Other businesses, including lithium battery equipment and automotive parts casting, generated sales of 8.96 billion yuan, down 3.25% year-on-year [14]