Changgao NEET(002452) 国元证券·2024-05-09 09:30Investment Rating - The report gives an "Accumulate" rating for Changgao Electric New Energy (002452.SZ) [5][19]. Core Views - The company has shown significant recovery in performance, with a projected increase in revenue and net profit over the next few years. The introduction of new products, particularly the 550kV GIS, is expected to contribute positively to the company's growth [13][19]. - The company is expected to achieve a net profit of 300.22 million yuan in 2024, representing a year-on-year growth of 73% [13][19]. Financial Summary - Revenue Forecast: The company is projected to generate revenues of 1,815 million yuan in 2024, 2,270 million yuan in 2025, and 2,610 million yuan in 2026, with year-on-year growth rates of 21.54%, 25.07%, and 14.98% respectively [2][25]. - Net Profit Forecast: The expected net profits for 2024, 2025, and 2026 are 300.22 million yuan, 384.16 million yuan, and 446.29 million yuan, with corresponding growth rates of 73.46%, 27.96%, and 16.17% [2][25]. - Profitability Metrics: The company's return on equity (ROE) is projected to improve from 11.93% in 2024 to 14.85% in 2026 [2][25]. - Earnings Per Share (EPS): The EPS is expected to rise from 0.48 yuan in 2024 to 0.72 yuan in 2026 [2][25]. - Price-to-Earnings Ratio (P/E): The P/E ratio is projected to decrease from 14.67 in 2024 to 9.87 in 2026, indicating an attractive valuation compared to peers [2][25]. Business Performance - Segment Performance: The power transmission and transformation equipment segment is expected to generate revenues of 16.70 billion yuan in 2024, with a gross margin of 36.90% [17][19]. - Product Development: The company has successfully developed high-voltage products, including the 550kV GIS, which has already secured contracts, indicating strong market demand [13][19]. Market Position - The company has a leading market share in the isolation switch business and is expected to expand its market presence with the new 550kV GIS product [19].