On July 23, GuoLongHui reported that Haitong Securities' research report pointed out that based on Zhejiang Jingsheng Mechanical & Electrical's (300316.SZ) first quarter report in 2024 and annual report in 2023, equipment and service as well as material sales revenue accounted for 71.24% and 23.15% of the company's total revenue in 2023, respectively, with a year-on-year growth of 51.29% and 186.15%; the company's total Q1 revenue in 2024 was 4.51 billion, with a year-on-year growth of 25.28%, and its performance achieved stable growth. With the increasing demand for clean energy worldwide, the company will obtain more overseas orders for solar cell equipment, and the expansion of overseas business is expected to promote the continuous growth of the company's performance. The company is a leading enterprise in the photovoltaic semiconductor equipment industry, with a high level of profitability. Referring to comparable companies, the company is given a 2024 PE valuation of 8-10 times, corresponding to a reasonable value range of 33.84-42.30 yuan, and is given a "better than market" rating.
研报掘金丨海通证券：予晶盛机电“优于大市”评级，盈利能力保持较高水平
Research reports show that Haitong Securities has given a "better than the market" rating to Zhejiang Jingsheng Mechanical & Electrical due to its consistently high profitability.
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