Fengyuzhu(603466) 东吴证券·2024-04-29 04:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [19]. Core Insights - In 2023, the company achieved revenue of 2.35 billion yuan, a year-on-year increase of 39.75%, and a net profit attributable to shareholders of 280 million yuan, up 327.53% year-on-year, driven by the release of pent-up demand and the execution of new projects [1]. - In Q1 2024, the company reported revenue of 290 million yuan, a decrease of 30.29% year-on-year, primarily due to a reduction in completed projects [1]. - The company is increasing its investment in spatial computing and exploring growth opportunities in VR combined with cultural tourism and exhibitions [8]. - The gross margin for 2023 was 29.9%, an increase of 2.8 percentage points year-on-year, while the expense ratios for sales, management, and R&D decreased [8]. - The company signed new orders totaling approximately 2.649 billion yuan in 2023, a growth of 10.63 million yuan compared to the previous year, with a backlog of orders amounting to 4.489 billion yuan at the end of 2023 [18]. Financial Summary - The operating cash flow for 2023 was 2 million yuan, with projected cash flows of 353 million yuan in 2024 and 420 million yuan in 2025 [3]. - The company's net profit forecast for 2024 and 2025 has been adjusted to 350 million yuan and 430 million yuan, respectively, with expected growth rates of 23% for both years [9]. - The company's total assets are projected to grow from 4.913 billion yuan in 2023 to 7.023 billion yuan by 2026 [14]. - The company's P/E ratio is expected to decrease from 23.82 in 2023 to 13.27 by 2026, indicating an improving valuation [17].