THEC(833509) 开源证券·2024-06-25 02:00Investment Rating - The investment rating for the company is "Buy" [11] Core Views - The company is expected to benefit from the recovery in consumer electronics and high demand in the new energy sector, leading to steady growth in revenue and profit [11] - The company maintains a dual-driven strategy of "R&D + Marketing" to enhance business development and expand product applications [11] - The forecast for net profit for 2024-2026 is projected to be 0.50 billion, 0.70 billion, and 0.84 billion respectively, with corresponding EPS of 0.31, 0.43, and 0.52 [11] Financial Summary - Revenue (in million yuan) is projected to decline from 190 in 2022 to 169 in 2023, then increase to 196 in 2024, 243 in 2025, and 295 in 2026, reflecting a YOY change of -11.1% in 2023 and positive growth thereafter [1] - Net profit (in million yuan) is expected to decrease from 56 in 2022 to 39 in 2023, then rise to 50 in 2024, 70 in 2025, and 84 in 2026, with a YOY change of -31.1% in 2023 and positive growth in subsequent years [1] - The gross margin is projected to be 56.0% in 2022, slightly increasing to 57.1% in 2023, and stabilizing around 56.7% to 57.5% from 2024 to 2026 [1] - The net profit margin is expected to decrease from 29.5% in 2022 to 22.8% in 2023, then recover to 25.6% in 2024 and stabilize around 28.3% to 28.7% in 2025 and 2026 [1] - The return on equity (ROE) is projected to decline from 17.1% in 2022 to 11.2% in 2023, then recover to 14.2% in 2024 and reach 20.0% by 2026 [1] - The price-to-earnings (P/E) ratio is expected to rise from 19.7 in 2022 to 28.7 in 2023, then decrease to 22.1 in 2024, 15.9 in 2025, and 13.3 in 2026 [1]