SCIYON(002380) 海通证券·2024-06-12 11:01Investment Rating - The report assigns an "Outperform the Market" rating for the company [20]. Core Insights - The company is actively contributing to the national "Two Machines" major project, establishing a long-term competitive barrier through the development of domestic heavy-duty gas turbine control systems [5]. - The company has achieved significant revenue growth, with a projected increase in operating income from 14.07 billion yuan in 2023 to 34.17 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 33.6% [11][27]. - The company is focusing on expanding its product matrix around the industrial internet platform, which includes various layers such as edge, platform, and application layers [9]. Financial Summary - The company reported operating income of 14.07 billion yuan in 2023, a year-on-year increase of 21.9%, and a net profit of 1.61 billion yuan, compared to a loss of 4.34 billion yuan in the previous year [22]. - The projected net profit for 2024 is 2.68 billion yuan, with earnings per share (EPS) expected to reach 1.12 yuan [11][27]. - The gross margin is expected to remain stable, with projections of 39.2% in 2023 and gradually increasing to 39.9% by 2026 [10][27]. Business Segmentation - The industrial automation segment is expected to generate revenue of 1.08 billion yuan in 2023, with a year-on-year growth rate of 42% [12]. - The industrial internet segment is projected to achieve revenue of 294.84 million yuan in 2023, with a growth rate of 8% [12]. - Other main businesses are anticipated to see significant growth, with a revenue increase of 315% in 2023 [12]. Market Performance - The company has successfully secured contracts for several large thermal power generation projects, indicating strong demand in the downstream market [23]. - The company is also involved in projects that align with the "dual carbon" goals, showcasing its commitment to sustainable energy solutions [23].