喜临门：重大事项点评：加码智能制造，重视股东回报

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 21.3 CNY per share, compared to the current price of 17.77 CNY [1]. Core Insights - The company is enhancing its smart manufacturing capabilities and prioritizing shareholder returns, with a planned cash dividend rate of no less than 30% over the next three years [1]. - The company has established a comprehensive national production layout with eight major production bases, aiming to improve efficiency through integrated systems [1]. - The management shows confidence in future growth, as evidenced by a significant increase in the cash dividend payout ratio from 13% in 2022 to 44% in 2023 [1]. - The company is projected to achieve net profits of 5.39 billion, 6.03 billion, and 6.71 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 12, 11, and 10 [1]. Financial Summary - Total revenue is expected to grow from 8,678 million CNY in 2023 to 10,945 million CNY in 2026, with a compound annual growth rate of approximately 8% [2]. - Net profit is projected to increase significantly from 429 million CNY in 2023 to 671 million CNY in 2026, reflecting a growth rate of 80.5% in 2023 and a steady increase thereafter [2]. - The company’s earnings per share (EPS) is forecasted to rise from 1.13 CNY in 2023 to 1.77 CNY in 2026, indicating a positive trend in profitability [2]. - The company maintains a healthy cash position with 1.79 billion CNY in cash as of Q2 2024, supporting its dividend policy and operational needs [1].