SUNOREN(603105) 中泰证券·2024-05-07 02:30Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook for future performance [4]. Core Views - The company is expected to experience significant revenue growth, with projections showing an increase from 650 million in 2022 to 1,145 million by 2026, representing a compound annual growth rate (CAGR) of approximately 18.3% [4]. - Earnings per share (EPS) are forecasted to rise from 0.38 in 2022 to 0.79 by 2026, reflecting a strong growth trajectory [4]. - The report highlights a favorable price-to-earnings (P/E) ratio trend, decreasing from 23.7 in 2023 to 11.5 in 2026, suggesting improved valuation over time [4]. Financial Summary - Revenue projections for the company are as follows: 686 million in 2023, 811 million in 2024, 981 million in 2025, and 1,145 million in 2026, with year-over-year growth rates of 5.6%, 18.3%, 20.9%, and 16.7% respectively [4]. - The net income is expected to grow from 192 million in 2022 to 395 million in 2026, with corresponding year-over-year growth rates of 74.1%, 14.9%, 23.0%, 25.1%, and 16.5% [4]. - The report anticipates an increase in return on equity (ROE) from 10.6% in 2023 to 14.0% in 2026, indicating improved profitability [4]. Valuation Metrics - The price-to-book (P/B) ratio is projected to decline from 2.2 in 2023 to 1.6 in 2026, suggesting a more attractive valuation as the company grows [4]. - The report also notes a decrease in the enterprise value to EBITDA ratio from 34 in 2023 to 25 in 2026, indicating a more favorable valuation environment [4].