MOONS’(603728) 华福证券·2024-05-08 07:00Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market benchmark over the next six months [2][14]. Core Views - The company's revenue for 2023 is reported at 2.543 billion yuan, reflecting a year-on-year decline of 14%, with a net profit of 140 million yuan, down 43% year-on-year. The decline is attributed to supply chain destocking in overseas markets [3][4]. - The company is expected to see a recovery in demand starting from the second half of 2023, with a projected revenue growth of 19% in 2024, followed by 23% in both 2025 and 2026 [3][12]. - The gross margin for 2023 is reported at 37.2%, with improvements noted in cost control and increased R&D investment, which rose by 9% year-on-year [3][4]. - The company is expanding its production capacity, particularly in the robotics sector, to enhance its competitiveness in the global market [4]. Financial Data Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 2.543 billion yuan, net profit of 140 million yuan - 2024E: Revenue expected to rise to 3.028 billion yuan, net profit to 185 million yuan - 2025E: Revenue projected at 3.730 billion yuan, net profit at 263 million yuan - 2026E: Revenue forecasted at 4.600 billion yuan, net profit at 359 million yuan [3][12][10][11]. - Earnings Per Share (EPS): - 2023A: 0.33 yuan - 2024E: 0.44 yuan - 2025E: 0.63 yuan - 2026E: 0.86 yuan [3][12][10][11]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2024E is 132, for 2025E is 93, and for 2026E is 68 [3][12][10][11]. - Price-to-Book (P/B) ratio for 2024E is 8.2, for 2025E is 7.6, and for 2026E is 6.9 [3][12][10][11]. - Key Financial Ratios: - Gross margin for 2023 is 37.2%, with a projected increase to 39.2% by 2026 [12]. - Net profit margin for 2023 is 5.6%, expected to improve to 7.9% by 2026 [12].