GenTech(SH:688596) GF SECURITIES·2024-05-10 07:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.36 CNY per share based on a 25x PE valuation for 2024 [44]. Core Insights - The company reported a revenue of 3.835 billion CNY for 2023, representing a year-on-year growth of 41.78%, and a net profit attributable to shareholders of 401 million CNY, up 55.10% year-on-year [1]. - New signed contracts reached 6.6 billion CNY in 2023, indicating strong order growth, with an increasing proportion of OPEX business [1]. - The company is experiencing rapid growth in its gas business, with significant contributions from various segments including electronic process equipment and biopharmaceutical equipment [7]. Financial Performance - For 2023, the company achieved a revenue of 3.835 billion CNY, with a net profit of 401 million CNY, and a non-recurring net profit of 340 million CNY, reflecting growth rates of 55.10% and 58.40% respectively [1]. - The revenue for Q4 2023 was 1.424 billion CNY, showing a year-on-year increase of 58.06%, while the net profit for the same period was 131 million CNY, up 7.58% [1]. - The forecast for 2024-2026 projects net profits of 583 million CNY, 757 million CNY, and 924 million CNY respectively, with corresponding growth rates of 45.2%, 30.0%, and 22.0% [8]. Business Development - The company is expanding its gas production capacity with new projects set to launch in 2024, including high-purity gas production bases [7]. - The main product, GAS BOX, has gained widespread recognition among leading domestic equipment manufacturers, contributing to a 104% revenue increase in 2023 [7]. - The company is also advancing in the electronic advanced materials sector with new projects underway [7].