MLS(002745) 华鑫证券·2024-04-23 11:30Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first time this rating has been given [1]. Core Insights - The company achieved a revenue of 17.536 billion yuan in 2023, representing a year-on-year growth of 6.17%, and a net profit of 400 million yuan, which is a significant increase of 157.87% year-on-year [1][3]. - The company plans to distribute a dividend of 3.38 yuan per 10 shares, totaling approximately 502 million yuan [1]. - The company is recognized as the largest LED manufacturer in China, benefiting from an integrated layout that enhances production efficiency and quality through smart manufacturing [1][3]. - The overseas brand LEDVANCE contributed significantly to revenue, with 10.606 billion yuan in sales from international markets, accounting for 60.48% of total revenue [1][3]. - The company has a strong focus on R&D, with expenses reaching 381 million yuan in 2023, a 28.37% increase from the previous year, and holds 1,665 patents, showcasing its industry-leading R&D capabilities [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 17.536 billion yuan and a net profit of 430 million yuan, with projected revenues for 2024, 2025, and 2026 expected to be 19.974 billion, 22.831 billion, and 26.475 billion yuan respectively [9][10]. - The net profit is forecasted to grow to 702 million yuan in 2024, 970 million yuan in 2025, and 1.102 billion yuan in 2026, indicating a robust growth trajectory [10]. Market Position - The company has established a comprehensive supply chain and marketing network, leveraging both domestic and international markets to support its growth [1][3]. - The integrated production capabilities across multiple bases in Guangdong and Jiangxi enhance its competitive edge in the lighting industry [1]. R&D and Innovation - The company is deeply engaged in R&D, focusing on smart and health lighting, with significant advancements in energy-efficient products [3]. - The competitive landscape in the LED industry is expected to improve, with a reduction in the number of competitors, allowing the company to capitalize on recovering downstream demand [3].