SIEYUAN(SZ:002028) Tai Ping Yang·2024-05-12 07:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][8]. Core Views - The company has demonstrated rapid growth in performance, with significant increases in revenue and net profit for 2023 and Q1 2024, driven by overseas expansion and new product innovations [1][3]. - The company achieved a revenue of 12.46 billion in 2023, representing an 18.25% year-on-year increase, and a net profit of 1.609 billion, up 27.75% year-on-year [2][4]. - For Q1 2024, the company reported a revenue of 2.658 billion, a 22.36% increase year-on-year, and a net profit of 362 million, reflecting a 57.12% year-on-year growth [2][3]. Financial Summary - The company’s revenue projections for 2024-2026 are adjusted to 16.556 billion, 20.482 billion, and 25.149 billion respectively, with expected growth rates of 32.88%, 23.71%, and 22.78% [3][4]. - The projected net profit for the same period is 2.127 billion, 2.609 billion, and 3.236 billion, with growth rates of 36.42%, 22.67%, and 24.02% respectively [3][4]. - The company’s gross margin for 2023 was 29.5%, an increase of 3.17 percentage points year-on-year, with a net profit margin of 12.91%, up 0.69 percentage points [2][4]. Market Opportunities - The company is well-positioned to benefit from the ongoing infrastructure upgrades in developed regions and the significant opportunities in underdeveloped areas, particularly in Southeast Asia and Africa [1][3]. - The company has a robust order backlog, with new orders totaling 16.513 billion in 2023, a 36.22% increase year-on-year, indicating strong future revenue potential [1][3].