E-Techstar(SZ:300513) Tebon Securities·2024-05-26 06:00Investment Rating - The report maintains an "Accumulate" investment rating for 恒实科技 (300513.SZ) [2][7]. Core Views - The company reported a revenue of 1.347 billion yuan in 2023, a year-on-year increase of 6.69%, and a net profit attributable to shareholders of 41 million yuan, up 34.87% year-on-year [4]. - The company is expected to benefit from the ongoing reforms in the electricity market, positioning itself as an energy aggregator and technology provider in the virtual power plant sector [6]. - The company has a robust project pipeline in areas such as virtual power plants, smart cities, and industrial internet, which supports its long-term growth [5]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 397 million yuan, a year-on-year decrease of 11.19%, while the net profit attributable to shareholders was 7 million yuan, an increase of 124.23% [4]. - For Q1 2024, the company reported a revenue of 112 million yuan, down 37.53% year-on-year, with a net profit of -10 million yuan, a decrease of 145.73% [4]. - The revenue from technical services showed significant growth, while the overall gross margin decreased to 21.37%, down 1.71 percentage points year-on-year [5]. Business Segment Analysis - The revenue breakdown for 2023 shows system integration at 596 million yuan, design at 294 million yuan, technical services at 162 million yuan, and software development at 157 million yuan, with notable growth in technical services [5]. - The gross margins for the various business segments were as follows: system integration at 11.07%, design at 34.03%, technical services at 23.3%, and software development at 37.05% [5]. Future Projections - The company is projected to achieve sales revenues of 1.508 billion yuan, 1.659 billion yuan, and 1.803 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 11.9%, 10%, and 8.7% [7]. - The net profit attributable to shareholders is expected to reach 57 million yuan, 82 million yuan, and 108 million yuan for the same years, with growth rates of 38.3%, 43%, and 31.8% [7].