CCA(603100) 中泰证券·2024-11-11 03:16Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown resilience in profitability despite a slight decline in revenue due to macroeconomic factors. The report anticipates a recovery in demand and stable growth driven by expansion into new sectors such as petrochemicals, equipment manufacturing, metallurgy, and nuclear power [1][3] - The company is recognized as a leader in the domestic industrial automation instrument sector, with a comprehensive product range and a strong market position. The report highlights the company's ability to maintain profitability through cost control and lean production practices [1][3] Financial Performance Summary - Revenue Forecast: - 2022A: 6,370 million - 2023A: 7,411 million (16% growth) - 2024E: 7,789 million (5% growth) - 2025E: 8,887 million (14% growth) - 2026E: 10,306 million (16% growth) [1] - Net Profit Forecast: - 2022A: 579 million - 2023A: 744 million (28% growth) - 2024E: 787 million (6% growth) - 2025E: 915 million (16% growth) - 2026E: 1,082 million (18% growth) [1] - Earnings Per Share (EPS): - 2022A: 1.13 - 2023A: 1.45 - 2024E: 1.53 - 2025E: 1.78 - 2026E: 2.11 [1] - Price-to-Earnings (P/E) Ratio: - 2022A: 19.1 - 2023A: 14.9 - 2024E: 14.1 - 2025E: 12.1 - 2026E: 10.2 [1] - Price-to-Book (P/B) Ratio: - 2022A: 3.2 - 2023A: 2.8 - 2024E: 2.4 - 2025E: 2.0 - 2026E: 1.7 [1] Market Position and Strategy - The company is expanding its presence in emerging sectors and has a strong focus on international markets. It aims to benefit from import substitution policies and is actively pursuing opportunities in new industries such as nuclear power, lithium batteries, hydrogen energy, and pharmaceuticals [1][3] - The report emphasizes the company's competitive edge in technology and product offerings, which are aligned with international standards, positioning it well for future growth [1][3]