Xi'an Triangle Defense (300775)2024-05-03 07:32Investment Rating - The report assigns a rating of "Accumulate" to the company, with a current price of 25.62 CNY and a fair value of 32.87 CNY [2][23]. Core Insights - The company achieved a revenue growth of 32.90% year-on-year in 2023, reaching 2.494 billion CNY, driven by stable product quality and new product development [1][3]. - The gross profit margin for 2023 was 43.70%, with a net profit margin of 32.66%, reflecting a slight decrease from the previous year [1]. - The company is expected to have an EPS of 1.83, 2.22, and 2.68 CNY for the years 2024, 2025, and 2026 respectively [1][23]. Financial Summary - Revenue for 2023 was 2.494 billion CNY, with a year-on-year growth of 32.90% [3][24]. - The net profit for 2023 was 815 million CNY, representing a growth of 30.39% compared to the previous year [3][24]. - The company’s operating cash flow for 2023 was -40 million CNY, a decrease of 109.50% year-on-year [1][24]. - The projected revenue for 2024 is 2.995 billion CNY, with an expected growth rate of 20.1% [24].