SIEYUAN(SZ:002028) Tai Ping Yang·2024-05-12 08:08Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 70.41 [1][3]. Core Views - The company has demonstrated rapid growth in performance, with significant contributions from overseas markets and new product innovations [1][3]. - The company achieved a revenue of 12.46 billion in 2023, representing a year-on-year increase of 18.25%, 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 year-on-year increase of 22.36%, and a net profit of 362 million, reflecting a 57.12% increase year-on-year [2][4]. Financial Performance Summary - In 2023, the company achieved a total revenue of 12.46 billion, with a gross margin of 29.5%, which is an increase of 3.17 percentage points year-on-year [2][4]. - 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 net profit forecast for the same period is set at 2.127 billion, 2.609 billion, and 3.236 billion, with growth rates of 36.42%, 22.67%, and 24.02% respectively [3][4]. Market Opportunities - The company is focusing on expanding its presence in overseas markets, particularly in Europe, North America, Southeast Asia, the Middle East, and Africa, where there are significant opportunities for infrastructure development [2][3]. - The company has a strong order backlog, with new orders amounting to 16.513 billion in 2023, a year-on-year increase of 36.22% [2][3].