MESNAC(002073) 国海证券·2024-06-13 23:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][22][26] Core Views - The company is expected to benefit from new projects in Cambodia and Vietnam, which will enhance the production and sales of its mold products, leading to an increase in annual net profit by approximately 3 million yuan from the Cambodia project and 10 million yuan from the Vietnam project [1][29] - The company has seen a significant increase in contract liabilities, which stood at 4.169 billion yuan at the end of 2023, reflecting a year-on-year growth of 31.99% [20] - The rubber equipment revenue for 2023 was 4.021 billion yuan, showing a year-on-year increase of 23.13%, indicating strong growth in this segment [20] Financial Projections - The projected operating revenue for 2024, 2025, and 2026 is 6.989 billion yuan, 8.262 billion yuan, and 8.762 billion yuan respectively, with corresponding growth rates of 24%, 18%, and 6% [4][22] - The expected net profit attributable to the parent company for the same years is 502 million yuan, 747 million yuan, and 846 million yuan, with growth rates of 51%, 49%, and 13% respectively [4][22] - The diluted earnings per share (EPS) are projected to be 0.49 yuan, 0.74 yuan, and 0.83 yuan for 2024, 2025, and 2026 respectively [4][22] Market Performance - The company's stock price as of June 13, 2024, is 7.46 yuan, with a total market capitalization of approximately 7.567 billion yuan [1][30] - The company has underperformed relative to the CSI 300 index over the past year, with a decline of 13.6% compared to a decline of 3.8% for the index [1] Project Developments - The company is investing approximately 107 million yuan in a project in Vietnam and about 27.97 million yuan in a project in Cambodia, which are expected to enhance its operational capabilities in these regions [28]