LSHEC(SH:603169) Huaan Securities·2024-05-14 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company's performance is under pressure, but the improvement in gross margin continues to support a stable development outlook [9] - The company reported a revenue of 5.162 billion yuan in 2023, a year-on-year increase of 3.65%, while the net profit attributable to shareholders decreased by 12.62% to 154 million yuan [9] - The gross margin for the company improved to 15.14%, an increase of 1.14 percentage points year-on-year [9] - The company has strengthened strategic management and deepened state-owned enterprise reforms, including the introduction of strategic shareholder Hualing Xianggang and the acquisition of 100% equity in a superalloy company [9] - The nuclear energy business has achieved structural breakthroughs, with new orders amounting to 517 million yuan, a year-on-year increase of 154.60% [9] - The company has seen a significant increase in international market demand, with new orders of 291 million yuan, a year-on-year increase of 58.73% [9] Financial Summary - Revenue projections for 2024-2026 are adjusted to 61.86 billion yuan, 70.17 billion yuan, and 79.90 billion yuan respectively [9] - The projected net profit attributable to shareholders for 2024-2026 is 2.53 billion yuan, 3.13 billion yuan, and 3.77 billion yuan respectively [9] - The earnings per share (EPS) for 2024-2026 are forecasted to be 0.19 yuan, 0.24 yuan, and 0.29 yuan respectively [9] - The current price-to-earnings (P/E) ratio is 27, 22, and 18 for the years 2024-2026 [9]