Investment Rating - The report maintains an "Outperform the Market" rating for the company [21]. Core Views - The company is a leader in the agricultural food and cold chain industry, with significant advantages and a positive trend in new orders, indicating potential for rapid earnings growth [5]. - The company achieved a revenue of 2.414 billion yuan in 2023, a decrease of 10.51% year-on-year, while the net profit attributable to the parent company increased by 29.03% to 218 million yuan [14]. - The company signed new contracts worth 3.965 billion yuan in 2023, a year-on-year increase of 0.53%, with the domestic market contributing 91.76% of the new orders [14]. Financial Performance Summary - In Q4 2023, the company reported a significant increase in profit, with a quarterly net profit margin of 11.55% [4]. - The company's revenue by segment for Q4 included design consulting (606 million yuan), electromechanical engineering system delivery (1.074 billion yuan), and equipment manufacturing (557 million yuan), with varying growth rates [4]. - The gross profit margin for 2023 increased by 4.02 percentage points to 24.74%, while the net profit margin rose by 2.68 percentage points to 9.29% [23]. Earnings Forecast - The company is expected to have an EPS of 0.51 yuan in 2024 and 0.59 yuan in 2025, with a reasonable valuation range of 15.30 to 16.32 yuan based on a P/E ratio of 30-32 times for 2024 [5]. - Revenue is projected to recover in 2024, with an expected increase of 20.2% year-on-year to 2.901 billion yuan [24]. Key Financial Metrics - The company’s total assets are projected to grow from 4.203 billion yuan in 2023 to 6.140 billion yuan by 2026 [17]. - The net profit attributable to the parent company is expected to reach 361 million yuan by 2026, reflecting a steady growth trajectory [26].
Q4利润大幅上升，新签订单保持增长