SIE(300687) 国金证券·2025-04-25 08:22Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve revenue of 27.42 billion, 32.69 billion, and 39.09 billion RMB for the years 2025 to 2027, respectively, with corresponding net profits of 2.34 billion, 3.24 billion, and 4.53 billion RMB [4] - The earnings per share (EPS) are projected to be 0.57, 0.79, and 1.11 RMB for the same years [4] - The current stock price corresponds to a price-to-earnings (PE) ratio of 52.3, 37.8, and 27.0 for the years 2025, 2026, and 2027, respectively [4] Revenue and Profit Forecast - The company’s revenue for 2023 is estimated at 2,254 million RMB, with a slight decline of 0.75% compared to the previous year [8] - Revenue growth is expected to recover with rates of 6.27%, 14.47%, 19.23%, and 19.56% for the years 2024 to 2027 [8] - The net profit for 2023 is projected at 254 million RMB, with a significant drop of 45.21% in 2024, followed by a recovery with growth rates of 67.84%, 38.42%, and 39.98% for the subsequent years [8] Financial Metrics - The diluted EPS is forecasted to be 0.620, 0.340, 0.570, 0.789, and 1.105 RMB from 2023 to 2027 [8] - The return on equity (ROE) is expected to improve from 9.58% in 2023 to 13.20% in 2027 [8] - The price-to-book (P/B) ratio is projected to be 3.36, 2.80, 4.12, 3.87, and 3.56 from 2023 to 2027 [8] Market Performance - The company reported a revenue of 23.95 billion RMB for FY24, reflecting a year-over-year increase of 6.27%, although slightly below the lower end of the forecast [9] - The fourth quarter of FY24 showed a significant revenue increase of 20.70% year-over-year [9] - The overall gross margin for FY24 was 30.46%, down by 5.1 percentage points compared to the previous year [9] Strategic Developments - The company has established international operations in Hong Kong and plans to expand into Japan and Europe by 2025 [9] - The collaboration with Huawei continues to progress, with successful commercialization of products based on Huawei's industrial data model [9]