R&T(SZ:002790) Guotai Junan Securities·2024-02-26 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 12.07 CNY, down from the previous 12.92 CNY [7][12][25]. Core Insights - The company's 2023 revenue met expectations, with a total of 2.179 billion CNY, reflecting an 11.2% year-on-year growth. However, net profit for the year was 222 million CNY, a 5.2% increase [12]. - In Q4 2023, the company achieved a revenue of 633 million CNY, a 10.4% year-on-year increase, but net profit decreased by 18.7% year-on-year to 46 million CNY due to increased expenses [12]. - The company is focusing on expanding its own brand in the domestic market and expects marginal improvements in its OEM business due to inventory replenishment and a recovery in the real estate sector [12]. - The company has a strong channel advantage, particularly in e-commerce, with significant performance during promotional events [12]. Financial Summary - Revenue growth is projected to continue, with estimates of 2.659 billion CNY in 2024 and 3.058 billion CNY in 2025, representing growth rates of 22% and 15% respectively [12][16]. - The operating profit (EBIT) is expected to rise from 238 million CNY in 2023 to 320 million CNY in 2024, and further to 387 million CNY in 2025 [12][16]. - The net profit attributable to shareholders is forecasted to increase to 296 million CNY in 2024 and 356 million CNY in 2025 [12][16]. - The report highlights a projected EPS of 0.53 CNY for 2023, 0.71 CNY for 2024, and 0.85 CNY for 2025 [12][16]. Valuation Metrics - The report provides a valuation based on a PE ratio of 17x for 2024, which is higher than the average PE of comparable companies at 13.4x [7]. - The company's EV/EBITDA is projected to decrease from 12.60 in 2023 to 9.60 in 2024, indicating improving valuation metrics [12][16]. - The report notes a dividend yield of 2.1% for 2023, expected to rise to 2.8% in 2024 and 3.3% in 2025 [12][16].