DEPPON(603056) 华创证券·2024-03-06 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1][4][21]. Core Views - The company achieved a net profit attributable to shareholders of 746 million yuan in 2023, representing a year-on-year growth of 13%. The revenue for the same period reached 36.28 billion yuan, up 15.6% year-on-year [1][4]. - The collaboration with JD Logistics is expected to enhance resource integration and accelerate the release of synergies, which is anticipated to improve revenue performance in the short to medium term [1][4]. - The report highlights the company's effective cost control and continuous improvement in operational efficiency, contributing to sustained profitability [1][4]. Financial Summary - Revenue: The company reported a revenue of 36.28 billion yuan in 2023, with a year-on-year growth of 15.6%. The fourth quarter revenue was 10.84 billion yuan, up 26.4% year-on-year [1][5]. - Net Profit: The net profit attributable to shareholders for 2023 was 746 million yuan, a 13% increase year-on-year. The adjusted net profit, excluding non-recurring items, was 568 million yuan, reflecting a significant growth of 77% [1][5]. - Earnings Per Share (EPS): The EPS for 2023 is projected at 0.73 yuan, with forecasts for 2024 and 2025 at 1.16 yuan and 1.38 yuan, respectively [1][5]. - Price-to-Earnings Ratio (PE): The report estimates a PE ratio of 19 for 2023, decreasing to 12 for 2024 and 10 for 2025 [1][5]. - Target Price: The target price is set at 20.9 yuan, indicating a potential upside of 49% from the current price of 14.02 yuan [2][4].