Investment Rating - The report maintains a "Cautious Accumulate" rating for the company, with a target price of 23.40 CNY, down from the previous forecast of 26.60 CNY [3][15][23]. Core Views - The company is expected to experience steady growth in 2024, benefiting from a recovery in overseas demand despite facing short-term revenue pressure due to inventory cycles [3][15]. - The company has strong ties with high-quality clients and is actively seeking to expand its customer base, which is anticipated to support revenue growth [3][15]. - The average PE ratio of comparable companies for 2024 is approximately 19.2 times, which supports the valuation approach used in the report [3][17]. Financial Summary - The company reported a revenue of 799 million CNY in 2023, a decrease of 14.2% year-on-year, with a net profit of 101 million CNY, down 23.2% [15][23]. - The forecast for EPS is adjusted to 1.23 CNY for 2024, down from the previous estimate of 1.45 CNY [15][23]. - The company’s gross margin improved significantly, but increased management and sales expenses have pressured profitability [15][23]. Market Performance - The stock price has fluctuated between 16.80 CNY and 31.26 CNY over the past 52 weeks, with a current price of 21.35 CNY [2][15]. - The company’s market capitalization stands at 2,431 million CNY [2][15]. Comparative Analysis - Comparable companies include Yuma Zheyang, Shuhua Sports, and Gongchuang Turf, with an average PE ratio of 22.89 for 2024 [3][17]. - The report highlights the importance of the company's strategic partnerships with global leaders in the industry, which enhances its competitive position [15][23].
2023年年报点评：业绩短暂承压，稳健增长可期