Leyard(300296) 东方证券·2024-08-06 03:01Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.75 CNY, based on a 23x P/E ratio for 2024 [2][3][5] Core Views - The company is actively advancing its Micro LED products and expanding production capacity, aiming to increase from 1,600K units/month to 4,000K units/month by the end of the year [1] - A new direct sales channel strategy has been implemented to enhance regional business operations and reduce internal inefficiencies [1] - The company is progressively establishing its overseas presence, with a dual-brand strategy to cover high, medium, and low-end markets in Europe and America [1] - Cost control measures are prioritized, with expectations to reduce various expenses and achieve profitability targets in 2024 [1] Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.25 CNY, 0.31 CNY, and 0.39 CNY respectively, reflecting adjustments in revenue and cost forecasts [2][5] - Revenue is expected to grow from 7,615 million CNY in 2023 to 8,787 million CNY in 2024, representing a 15.4% year-on-year increase [4] - Operating profit is forecasted to increase significantly from 333 million CNY in 2023 to 766 million CNY in 2024, indicating a 130.2% growth [4] - The net profit attributable to the parent company is projected to rise from 286 million CNY in 2023 to 638 million CNY in 2024, marking a 123.2% increase [4]