Lianovation(SH:600363) CAITONG SECURITIES·2024-05-26 06:22Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][10]. Core Viewpoints - The company is in a strategic transformation phase, with laser and high-temperature superconducting businesses expected to contribute significantly to revenue and profit growth in the future [10]. - The company has achieved a major breakthrough in high-temperature superconducting induction heating technology, with the world's first MW-level high-temperature superconducting induction heating equipment put into operation in 2023 [4][10]. - The intelligent controller segment, primarily operated by a subsidiary, is expected to continue generating substantial revenue growth due to strong demand for high-end optocouplers [4][10]. Financial Summary - The company reported a revenue of 32.40 billion yuan in 2023, a decrease of 2.24% year-on-year, while the net profit attributable to shareholders was 3.39 billion yuan, an increase of 26.85% [65]. - Revenue projections for 2024, 2025, and 2026 are 35.75 billion yuan, 40.42 billion yuan, and 45.56 billion yuan, respectively, with corresponding net profits of 5.02 billion yuan, 6.62 billion yuan, and 8.31 billion yuan [10]. - The company's earnings per share (EPS) are expected to grow from 1.10 yuan in 2024 to 1.83 yuan in 2026, with a price-to-earnings (PE) ratio decreasing from 26.21 to 15.83 over the same period [5]. Business Segments - The laser product segment has shown rapid growth, with revenue from laser series products expected to reach 4.20 billion yuan in 2024, reflecting a year-on-year increase of 134.64% [30]. - The high-temperature superconducting business is positioned for significant growth, benefiting from advancements in domestic nuclear fusion technology and strategic partnerships [4][51]. - The intelligent controller segment is projected to contribute approximately 50% of the company's revenue, with a steady increase in market share from 56% in 2021 to 61% in 2023 [66].