BYE(603861) 长城证券·2024-05-15 02:02Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company is positioned to benefit from the high demand in the power equipment sector, particularly in the capacitor segment, which has shown consistent growth and profitability [2][5]. - The company has a strong order backlog of 8.618 billion yuan, which supports its revenue growth and profitability improvement [5]. - The report highlights the company's ability to reduce costs and improve efficiency, which is expected to enhance its earnings per share (EPS) elasticity [5]. Financial Performance - In 2023, the company achieved a revenue of 4.33 billion yuan, representing a year-on-year growth of 25% [12]. - The net profit attributable to shareholders was 110 million yuan, a significant increase of 207.3% compared to the previous year [12]. - The gross margin for 2023 was reported at 18.08%, an increase of 1.17 percentage points year-on-year [12]. - The forecast for 2024-2026 projects revenues of 5.442 billion yuan, 6.155 billion yuan, and 6.690 billion yuan, respectively, with net profits expected to grow to 185 million yuan, 257 million yuan, and 320 million yuan [5][12]. Market Position - The company is recognized as a leading manufacturer in the capacitor industry, having won the National Science and Technology Progress Award [2]. - It has successfully secured contracts for multiple high-voltage direct current (HVDC) and high-voltage alternating current (HVAC) projects, totaling 463 million yuan [2]. - The report emphasizes the company's long-standing expertise in the power industry, which positions it well to capitalize on the ongoing energy transition [5].