CCG(605099) 天风证券·2024-07-10 06:02Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next 6 months [4][26][28]. Core Views - The company is expected to achieve a net profit of 5.4 billion, 6.5 billion, and 7.2 billion for the years 2024 to 2026, corresponding to price-to-earnings (PE) ratios of 14X, 11X, and 10X respectively [13][29]. - The company is implementing a long-term incentive plan aimed at binding key personnel, which is anticipated to accelerate growth [11][16]. - The company is positioned to enhance its market penetration and expand its product applications, aiming to solidify its leadership in the global artificial turf industry [17]. Financial Summary - The company's revenue for 2022 was 2,470.75 million, with a projected increase to 3,011.56 million in 2024, reflecting a growth rate of 22.35% [29]. - The net profit for 2022 was 447.03 million, with a forecasted increase to 538.50 million in 2024, indicating a growth rate of 24.88% [29]. - The company's EBITDA is expected to grow from 611.16 million in 2022 to 656.28 million in 2024 [29]. - The company’s total assets are projected to increase from 2,830.44 million in 2022 to 4,066.26 million by 2026 [10][29]. Key Financial Ratios - The company’s return on equity (ROE) is expected to be 20.39% in 2026, showing a strong profitability trend [7]. - The debt-to-asset ratio is projected to remain low, at 14.39% in 2023, indicating a solid financial position [28][30]. - The earnings per share (EPS) is expected to rise from 1.12 in 2022 to 1.80 in 2026 [29].