supor(SZ:002032) Tianfeng Securities·2024-02-22 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock with expected returns exceeding 20% over the next six months [2][12]. Core Insights - The company reported a revenue of 21.301 billion yuan for 2023, reflecting a year-on-year growth of 5.6%, and a net profit attributable to shareholders of 2.1798 billion yuan, up 5.42% year-on-year [1][5]. - The fourth quarter of 2023 saw a revenue increase of 14% year-on-year, with a net profit of 818 million yuan, marking an 8% increase [1]. - The improvement in external sales is attributed to an increase in related party transaction limits, while internal sales benefited from the growth of online channels [1]. - The company has focused on cost reduction and efficiency improvements, leading to an increase in actual gross profit margin [1]. Financial Summary - The projected net profits for 2023, 2024, and 2025 are 2.1798 billion yuan, 2.40355 billion yuan, and 2.60631 billion yuan respectively, with corresponding dynamic P/E ratios of 20.07x, 18.20x, and 16.79x [5][6]. - The company’s total revenue for 2023 is expected to be 21.30107 billion yuan, with a growth rate of 5.60% [5][8]. - The company’s total assets are projected to be 12.97668 billion yuan in 2023, with a debt ratio of 52.69% [6][8]. Market Position - The company has seen a stable sales expense ratio year-on-year, indicating effective management of marketing resources to support growth in domestic sales [1]. - The company continues to invest in research and development to enhance product offerings and maintain competitiveness in the market [1].