Anhui (002983) 长城证券·2024-04-02 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [9][16]. Core Views - The company is well-positioned in the new display market, with a projected industry scale of 855.9 billion yuan in 2023. It has established long-term partnerships with major manufacturers like Huawei and Xiaomi, covering various display applications [2]. - The company's revenue for 2023 reached 1.176 billion yuan, a year-on-year increase of 23.25%, with a net profit of 166 million yuan, up 57.08% year-on-year [5]. - The MiniLED technology is accelerating its market penetration, contributing to the company's steady growth in performance. The company is also expanding into the automotive display sector, which is expected to be a significant growth driver [9][18]. Financial Summary - Revenue (in million yuan): - 2022: 954 - 2023: 1,176 - 2024E: 1,529 - 2025E: 1,911 - 2026E: 2,102 - Year-on-year growth rates for revenue: - 2022: 16.2% - 2023: 23.2% - 2024E: 30.0% - 2025E: 25.0% - 2026E: 10.0% [1][21] - Net profit (in million yuan): - 2022: 106 - 2023: 166 - 2024E: 223 - 2025E: 302 - 2026E: 327 - Year-on-year growth rates for net profit: - 2022: 28.1% - 2023: 57.1% - 2024E: 34.1% - 2025E: 35.4% - 2026E: 8.3% [1][21] - EPS (in yuan): - 2022: 0.57 - 2023: 0.90 - 2024E: 1.20 - 2025E: 1.63 - 2026E: 1.76 [1][21] Industry Insights - The new display industry is expected to grow significantly, with the automotive display market projected to maintain a compound annual growth rate of around 10% over the next five years [6][9]. - The company has been actively investing in the automotive display sector, which is anticipated to enhance its competitive strength and profitability [18].