Focus Tech.(002315) Guohai Securities·2024-02-24 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][5][22]. Core Insights - The company is expected to benefit from the commercialization of AI products despite increasing competition in the cross-border e-commerce industry [2][5]. - The company's revenue for 2023 reached 1.527 billion yuan, representing a year-on-year growth of 3.51%, while the net profit attributable to shareholders was 379 million yuan, up 26.12% year-on-year [16][17]. - The company plans to distribute cash dividends of 316 million yuan, which accounts for over 80% of the net profit for 2023, and aims for a net profit growth of over 25% in 2024 [17]. Financial Performance - The company achieved a revenue of 1.246 billion yuan from China Manufacturing Network in 2023, with a year-on-year growth of 3.4% [3][17]. - The AI business generated approximately 6.32 million yuan in revenue in 2023, with cash collections exceeding 20 million yuan [17]. - The company forecasts revenues of 1.79 billion yuan, 2.08 billion yuan, and 2.34 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 456 million yuan, 552 million yuan, and 648 million yuan [5][6]. Market Data - The current stock price is 32.41 yuan, with a 52-week price range of 18.10 to 47.61 yuan [3][22]. - The total market capitalization is approximately 10.24 billion yuan, with a circulating market capitalization of about 6.52 billion yuan [3][22]. - The company has a total share capital of 31.59 million shares, with a circulating share capital of 20.11 million shares [3][22].