ZHENHUA(000733) 东吴证券·2024-04-30 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 7.789 billion yuan in 2023, representing a year-on-year growth of 7.19%, and a net profit attributable to shareholders of 2.682 billion yuan, which is a year-on-year increase of 12.57% [2][3] - The significant increase in net profit is attributed to a substantial reduction in interest expenses and increased investment income from joint ventures and associates [3] - The company is focusing on the domestic production of high-tech electronic components, which is expected to accelerate due to the rising demand for high-tech equipment and the trend towards localization [3] - The company has made breakthroughs in the development of power module products, which are now widely applied in the low-altitude flight sector, indicating a growing market potential [3] - The establishment of the Information Support Force by the national defense sector presents historical opportunities for the company, which has extensive experience in electronic information products [3] Financial Forecast and Valuation - The company's performance is in line with expectations, but due to the industry being in a period of order fluctuations, the net profit forecasts for 2024 and 2025 have been revised down to 1.983 billion yuan and 2.367 billion yuan respectively, with a new forecast for 2026 set at 2.919 billion yuan [4] - The corresponding P/E ratios for these years are projected to be 14, 12, and 10 times [4] - The company maintains a strong position in the industry due to its central enterprise background and continuous technological advancements [4]