ETERN(600105) 民生证券·2024-04-28 00:00Investment Rating - The report maintains a "Recommended" rating for the company [10][13][16] Core Views - The company achieved a revenue of 4.345 billion yuan in 2023, a year-on-year increase of 2.78%, but the net profit attributable to shareholders decreased by 79.82% to 43.25 million yuan [10][13] - The company is focusing on traditional business areas such as optical communication, overseas power engineering, and automotive wiring harnesses while accelerating the development of high-tech fields like optical chips and high-temperature superconductors [13] - The projected net profits for 2024, 2025, and 2026 are 223 million yuan, 383 million yuan, and 614 million yuan respectively, with corresponding PE ratios of 27X, 16X, and 10X [13] Financial Summary - Total revenue is expected to grow from 4.345 billion yuan in 2023 to 5.217 billion yuan in 2024, with a growth rate of 20.1% [11] - The net profit attributable to shareholders is projected to increase significantly from 43 million yuan in 2023 to 223 million yuan in 2024, reflecting a growth rate of 415% [11] - The company's gross margin for the optical communication segment decreased to 13.34% in 2023, while the automotive wiring harness segment saw an increase in gross margin to 14.21% [13]