SIE(SZ:300687) Yong Xing Zheng Quan·2024-05-10 05:00Investment Rating - The report maintains a "Buy" rating for the company [4][24] Core Views - The company is actively pursuing high-quality development, with management expenses decreasing from 6% in 2022 to 5.21% in 2023. Profitability is showing signs of improvement starting from the second half of 2023, despite revenue remaining stable [1][24] - The company’s revenue for 2023 is reported at 2.254 billion yuan, a slight decrease of 0.75% year-on-year, while the net profit attributable to shareholders is 254 million yuan, an increase of 1.98% year-on-year [24] - The company’s earnings forecasts for 2024-2026 are 298 million yuan, 375 million yuan, and 433 million yuan respectively, with year-on-year growth rates of 17.2%, 25.9%, and 15.2% [1][3] Financial Summary - Revenue and profit forecasts for the company are as follows: - 2023A: Revenue 2,254 million yuan, Net Profit 254 million yuan - 2024E: Revenue 2,516 million yuan, Net Profit 298 million yuan - 2025E: Revenue 2,877 million yuan, Net Profit 375 million yuan - 2026E: Revenue 3,389 million yuan, Net Profit 433 million yuan - Corresponding EPS for 2024-2026 are projected at 0.73 yuan, 0.92 yuan, and 1.05 yuan, with PE ratios of 24.01, 19.07, and 16.56 respectively [3][1][24] - The company has seen significant growth in new customer orders, particularly in the northern and southwestern regions, with order growth rates of 34% and 171% respectively [24]