SDBH(SH:600966) INDUSTRIAL SECURITIES·2024-05-14 03:02Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Views - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 20.77 billion, 23.01 billion, and 25.32 billion yuan, representing year-on-year growth of 11.1%, 10.8%, and 10.0% respectively [2][19]. - The net profit attributable to shareholders is forecasted to be 734 million, 1.011 billion, and 1.171 billion yuan for 2024 to 2026, with significant year-on-year growth of 303.8%, 37.7%, and 15.8% respectively [2][19]. - The report highlights an improvement in profitability metrics, with a projected PE ratio of 10.8, 7.9, and 6.8 for 2024 to 2026 [2][19]. Financial Summary - Revenue for 2023 is reported at 18.693 billion yuan, with a year-on-year growth of 1.8% [19]. - The gross margin is expected to improve from 10.8% in 2023 to 13.9% in 2024, and remain stable at 14.6% for 2025 and 2026 [19]. - Return on equity (ROE) is projected to increase from 2.7% in 2023 to 10.0% in 2024, reaching 12.3% and 12.8% in 2025 and 2026 respectively [19]. - Earnings per share (EPS) are expected to rise from 0.14 yuan in 2024 to 0.88 yuan in 2026 [19]. Operational Insights - The company has a current production capacity of 4.25 million tons, with a production output of 4.19 million tons and sales of 4.30 million tons in 2023 [18]. - The report indicates that the company is optimizing its product structure and enhancing profitability, with plans for additional capacity expansion in Jiangsu [18].