Vanward(002543) 招商证券·2025-04-29 13:02Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][7]. Core Insights - The company's Q1 performance exceeded expectations, driven by national subsidies and global expansion efforts [7]. - Domestic revenue is projected to grow by 10% in 2024, with e-commerce sales increasing by 20% and offline sales by 4.6% [7]. - The company has accelerated its global expansion, with exports increasing by 41% in 2024, and is actively addressing potential tariff impacts by enhancing international manufacturing capabilities [7]. Financial Data and Valuation - Total revenue is forecasted to reach 6,104 million yuan in 2023, with a projected growth of 20% in 2024 [3][15]. - Operating profit is expected to grow from 651 million yuan in 2023 to 769 million yuan in 2024, reflecting an 18% increase [3][15]. - Net profit attributable to shareholders is anticipated to rise from 568 million yuan in 2023 to 658 million yuan in 2024, a 16% increase [3][15]. - The company’s PE ratio is projected to decrease from 13.3 in 2023 to 11.5 in 2024, indicating improved valuation metrics [3][15]. Key Financial Ratios - The company's gross margin is expected to be 31.6% in 2023, decreasing to 28.1% in 2024, while the net margin is projected to be 9.3% in 2023 and 9.0% in 2024 [15]. - Return on equity (ROE) is forecasted to improve from 12.8% in 2023 to 14.2% in 2024 [15]. - The debt-to-asset ratio is expected to decrease from 45.9% in 2023 to 43.4% in 2025, indicating a strengthening balance sheet [15].