WST(688122) 中泰证券·2024-11-14 08:18Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 49.23 CNY per share [1]. Core Insights - The company's revenue is projected to grow from 4,159 million CNY in 2023 to 7,346 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 22% [1]. - The net profit attributable to the parent company is expected to increase from 752 million CNY in 2023 to 1,367 million CNY in 2026, indicating a strong recovery and growth trajectory [1]. - The earnings per share (EPS) is forecasted to rise from 1.16 CNY in 2023 to 2.10 CNY in 2026, showcasing the company's improving profitability [1]. Financial Performance Summary - Revenue Forecast: - 2022A: 4,227 million CNY - 2023A: 4,159 million CNY - 2024E: 4,561 million CNY - 2025E: 6,019 million CNY - 2026E: 7,346 million CNY - Year-over-year growth rates: 44%, -2%, 10%, 32%, 22% [1][4] - Net Profit Forecast: - 2022A: 1,080 million CNY - 2023A: 752 million CNY - 2024E: 844 million CNY - 2025E: 1,113 million CNY - 2026E: 1,367 million CNY - Year-over-year growth rates: 46%, -30%, 12%, 32%, 23% [1][4] - Earnings Per Share (EPS): - 2022A: 2.33 CNY - 2023A: 1.16 CNY - 2024E: 1.30 CNY - 2025E: 1.71 CNY - 2026E: 2.10 CNY [1][4] - Valuation Ratios: - Price-to-Earnings (P/E) ratio is projected to decrease from 42.5 in 2023 to 23.4 in 2026, indicating improving valuation as earnings grow [1]. - Price-to-Book (P/B) ratio is expected to decline from 5.1 in 2023 to 3.5 in 2026, reflecting a more attractive valuation over time [1]. Recent Performance Highlights - In the first three quarters of 2024, the company achieved a revenue of 32.35 billion CNY, a year-on-year increase of 4.76%, and a net profit of 6.04 billion CNY, up 3.62% year-on-year [2]. - The third quarter of 2024 saw a significant revenue increase of 24.43% year-on-year, with net profit soaring by 58.04% year-on-year [2][3]. - The gross margin improved to 37.21% in Q3 2024, up 2.04 percentage points year-on-year, indicating enhanced profitability [2][3]. Future Outlook - The company is expected to benefit from the recovery in downstream demand, with revenue projections for 2024-2026 adjusted to 45.61 billion CNY, 60.19 billion CNY, and 73.46 billion CNY respectively [3]. - The net profit forecasts for the same period have also been revised upwards to 8.44 billion CNY, 11.13 billion CNY, and 13.67 billion CNY [3].