Lucky Harvest(SZ:002965) ZHONGTAI SECURITIES·2024-05-31 03:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% relative to the benchmark index over the next 6 to 12 months [12][25]. Core Insights - The company has shown steady performance growth and is strategically positioning itself in the flying car business, which is expected to benefit from future developments in this sector [3][15]. - The company completed a new round of subsidiary capital increase, actively promoting its global expansion [3]. - The first quarter of 2024 saw significant revenue growth, with a year-over-year increase of 36.81%, and a net profit growth of 47.76%, indicating a continuous improvement in profitability [14]. Financial Performance Summary - Revenue Forecast: - 2022A: 4,289 million - 2023A: 5,703 million - 2024E: 8,454 million - 2025E: 10,354 million - 2026E: 11,197 million - Year-over-year growth rates are projected at 81%, 33%, 48%, 22%, and 8% respectively [1]. - Net Profit Forecast: - 2022A: 257 million - 2023A: 407 million - 2024E: 680 million - 2025E: 876 million - 2026E: 1,003 million - Year-over-year growth rates are projected at 300%, 59%, 67%, 29%, and 15% respectively [1]. - Earnings Per Share (EPS): - 2022A: 1.26 - 2023A: 1.99 - 2024E: 3.33 - 2025E: 4.29 - 2026E: 4.91 [1]. - Price-to-Earnings (P/E) Ratio: - 2022A: 27.1 - 2023A: 17.1 - 2024E: 10.2 - 2025E: 7.9 - 2026E: 6.9 [1]. - Price-to-Book (P/B) Ratio: - 2022A: 2.6 - 2023A: 2.2 - 2024E: 1.9 - 2025E: 1.5 - 2026E: 1.3 [1]. Strategic Developments - The company has made significant investments in its Mexican subsidiary, increasing its registered capital to support rapid development and enhance its global footprint [15]. - A recent capital increase project has been completed, which is expected to enhance the company's overall competitiveness [4][16].