SNS(300470) 华鑫证券·2024-04-28 00:32Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next 12 months [6][27]. Core Insights - The company has demonstrated steady growth, with a projected net profit growth rate of no less than 25%, 35%, and 45% for the years 2024, 2025, and 2026, respectively, resulting in estimated net profits of 394 million, 425 million, and 457 million yuan [2]. - The company has announced a share repurchase plan, intending to use 50 million to 100 million yuan of its own funds to buy back shares, which reflects confidence in future performance [2]. - The company is a leader in the domestic mechanical seal industry and has been expanding its product offerings through acquisitions, enhancing its competitive edge [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 336 million yuan, representing a year-on-year increase of 17.1%, and a net profit of 83 million yuan, up 2.88% year-on-year [4]. - Revenue forecasts for 2024, 2025, and 2026 are 1.545 billion, 1.790 billion, and 2.050 billion yuan, respectively, with corresponding EPS of 1.97, 2.25, and 2.50 yuan [6][7]. Market Position - The company is positioned to benefit from the growth in domestic refining capacity and the expansion of international markets, with a significant increase in new orders [4]. - The domestic mechanical seal market is expected to grow, with the company maintaining its leading position and benefiting from new market demands [6]. Strategic Initiatives - The company has implemented a stock incentive plan aimed at aligning employee interests with company performance, further indicating management's confidence in future growth [2][4]. - The report highlights the company's strategy of deepening its "big seal" industry layout through acquisitions, which is expected to enhance its service capabilities and product structure [4].