NOVEL(002014) 国盛证券·2024-05-29 00:31Investment Rating - The report maintains a "Buy" rating for Yongxin Co., Ltd. (002014.SZ) [9][10] Core Views - Yongxin Co., Ltd. has a strong global competitive edge and a smooth overseas expansion strategy, with significant customer accumulation and ongoing efforts to develop new international clients. The overseas business revenue for H1 2023 was 207 million yuan, showing a year-on-year increase of 20.3%, while H2 2023 is expected to experience slight fluctuations [2] - The establishment of a formal office in Thailand with an investment of approximately 2 million yuan is aimed at enhancing strategic cooperation with overseas clients and accelerating market response in Southeast Asia [8] - The company is projected to achieve net profits of 470 million yuan, 530 million yuan, and 600 million yuan for the years 2024 to 2026, with corresponding P/E ratios of 13.1X, 11.6X, and 10.2X [9] Summary by Sections Financial Performance - The company's revenue for 2022 was 3,304 million yuan, with a year-on-year growth rate of 9.3%. For 2023, the revenue is expected to be 3,379 million yuan, reflecting a growth rate of 2.3%. Projections for 2024, 2025, and 2026 are 3,740 million yuan, 4,164 million yuan, and 4,616 million yuan, respectively, with growth rates of 10.7%, 11.3%, and 10.9% [21] - The net profit attributable to the parent company for 2022 was 363 million yuan, with a growth rate of 14.9%. The expected net profits for 2023, 2024, 2025, and 2026 are 408 million yuan, 471 million yuan, 533 million yuan, and 604 million yuan, with growth rates of 12.5%, 15.3%, 13.3%, and 13.3% [21] Market Expansion - The company is focusing on expanding its overseas market presence, particularly in Southeast Asia, to enhance its competitive advantage and local service capabilities [8][19] - The sales volume of color printing is expected to continue steady growth, while the production of functional films is anticipated to contribute significantly to revenue growth [20]