J.S. Machine(000821) Guohai Securities·2024-04-30 06:30Investment Rating - The report maintains a "Buy" rating for the company [1][5][8] Core Insights - The company has shown significant growth in its first quarter performance, with a year-on-year revenue increase of 53.12% and a net profit increase of 143.82% [6][8] - The company has a strong order backlog in the photovoltaic sector, amounting to 9.779 billion yuan as of December 31, 2023, indicating robust demand [3][6] - The company is positioned as a leading player in the domestic photovoltaic equipment and corrugated packaging equipment sectors, focusing on the development of perovskite battery equipment [8][6] Financial Performance Summary - In 2023, the company achieved a total revenue of 72.14 billion yuan, representing a year-on-year growth of 48.20%, and a net profit of 3.37 billion yuan, up 11.45% [6][8] - For Q1 2024, the company reported revenues of 20.32 billion yuan, a 53.12% increase year-on-year, and a net profit of 1.30 billion yuan, reflecting a 143.82% growth [6][8] - The gross margin for 2023 was 20.98%, slightly down by 0.49 percentage points year-on-year, while the net profit margin was 4.66%, down by 1.54 percentage points [3][6] Earnings Forecast - The company is projected to achieve revenues of 88.45 billion yuan in 2024, 107.75 billion yuan in 2025, and 126.58 billion yuan in 2026, with corresponding net profits of 5.25 billion yuan, 6.80 billion yuan, and 9.45 billion yuan respectively [8][11] - The expected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 17, 13, and 10 times respectively, indicating a favorable valuation outlook [8][11]