BSBE(300406) 光大证券·2024-06-26 06:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [7][11]. Core Insights - The continuous increase in the shareholding ratio by Guoyao Investment reflects confidence in the company's development and value recognition. Guoyao plans to further increase its stake, which is expected to empower the company and unlock its growth potential [5][15]. - The company has shown strong performance in its financials, with projected net profits for 2024-2026 at 630 million, 763 million, and 920 million RMB respectively, corresponding to a PE ratio of 14, 11, and 10 times [16][17]. Financial Performance Summary - Revenue growth is projected to be 15.27% in 2023, with a steady increase expected in subsequent years, reaching 2,734 million RMB by 2026 [17]. - Net profit is forecasted to grow significantly, with a 34.59% increase in 2023, leading to a net profit of 524 million RMB [17]. - The company's EPS is expected to rise from 0.89 in 2023 to 1.56 in 2026, indicating strong earnings growth [17]. - The return on equity (ROE) is projected to improve from 14.06% in 2023 to 16.40% in 2026, reflecting enhanced profitability [17].