Shanghai Jahwa(600315) 长江证券·2024-03-20 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [13] Core Views - The company reported a revenue of 6.598 billion yuan in 2023, a year-on-year decrease of 7.16%, while the net profit attributable to shareholders increased by 5.93% to 500 million yuan. However, the net profit after deducting non-recurring gains and losses decreased by 41.82% to 315 million yuan [2][38] - The company is undergoing a strategic transformation and organizational restructuring, which is expected to enhance decision-making speed and improve strategic implementation efficiency, laying a foundation for future performance improvement [5][11] - The company’s multi-brand, multi-category, and multi-price structure still shows growth resilience despite revenue pressure from various internal and external factors in 2023 [5] Financial Performance Summary - The company's overall gross margin was 58.97%, an increase of 1.85 percentage points year-on-year. Sales expenses rose by 4.44% to 2.77 billion yuan, while management expenses decreased by 1.91% to 616 million yuan, and R&D expenses fell by 8.36% to 147 million yuan [4] - The company’s inventory at the end of 2023 was 777 million yuan, a decrease of 16.38% year-on-year, indicating improved operational quality through effective inventory and receivables management [4] - The projected EPS for 2024, 2025, and 2026 is 0.85 yuan, 0.96 yuan, and 1.12 yuan respectively, reflecting expected growth in earnings [5][30]