Absen(SZ:300389) Huajin Securities·2024-06-02 23:31Investment Rating - The investment rating for the company is "Buy - A" and is maintained [3][16]. Core Views - The company is focusing on its LED business while expanding into energy storage, which is expected to open new revenue and performance growth points [3][16]. - In 2023, the company achieved a total signed contract value of approximately 5.3 billion yuan, representing a year-on-year growth of about 51%, and operating revenue of approximately 4 billion yuan, up about 43% year-on-year [3][16]. - The overseas market revenue grew by approximately 46% in 2023, reaching about 2.6 billion yuan, building on a strong growth foundation from 2022 [3][16]. - The company has established a comprehensive global sales network and continues to enrich its product portfolio, with successful implementations in over 140 countries and regions [3][16]. - The company has invested approximately 400 million yuan in R&D from 2021 to 2023, focusing on core technologies such as Micro LED and virtual shooting [3][16]. Financial Performance - The projected operating revenue for 2024 is 5.839 billion yuan, with a growth rate of 45.8%, and for 2025, it is expected to reach 8.039 billion yuan, with a growth rate of 37.7% [7][16]. - The projected net profit attributable to the parent company for 2024 is 448 million yuan, with a growth rate of 41.8%, and for 2025, it is expected to be 611 million yuan, with a growth rate of 36.4% [7][16]. - The company’s gross margin is expected to stabilize around 31% in the coming years, with a net margin projected to be around 8% by 2026 [7][16]. Market Position - The company holds a significant market share in the global LED display market, ranking first with a 16.2% market share according to Omdia data [3][16]. - The domestic LED display market is expected to reach a scale of 2.436 billion USD in 2023, accounting for 32.21% of the global market [3][16]. - The company is well-positioned in the LED display sector, benefiting from a strong brand reputation and comprehensive product offerings [3][16].