Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported a revenue of 7.03 billion HKD in 2023, representing a year-on-year increase of 20.1%, and a net profit of 2.33 billion HKD, which is a significant increase of 126.0% year-on-year [6][10] - The gross profit margin improved by 2.7 percentage points to 58.0% in 2023, driven by high-end product leadership, capacity support, and lower packaging costs [6][10] - The company expects revenue growth of 20.4%, 19.0%, and 17.1% for the years 2024, 2025, and 2026, respectively, with net profits projected at 1.84 billion HKD, 2.26 billion HKD, and 2.78 billion HKD [6][10] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 7.03 billion HKD, a 20.1% increase from the previous year, and a net profit of 2.33 billion HKD, up 126.0% year-on-year [6][10] - The adjusted net profit for 2023 was 1.62 billion HKD, reflecting a 35.5% increase year-on-year [6][10] Profitability Metrics - The gross profit margin for 2023 was 58.0%, with notable improvements in the gross margins of high-end products [6][10] - The company’s net profit margin for 2023 was 33.10% [10] Revenue Forecast - Revenue projections for 2024, 2025, and 2026 are 8.47 billion HKD, 10.08 billion HKD, and 11.80 billion HKD, respectively, with corresponding year-on-year growth rates of 20.4%, 19.0%, and 17.1% [6][10] - The company anticipates adjusted EPS of 0.63, 0.76, and 0.89 HKD for the years 2024, 2025, and 2026 [6][10] Market Comparison - The company is compared to industry peers with a projected PE ratio of 16-20 times for 2024, indicating a reasonable value range of 10.1-12.6 HKD per share [6][10]
高端引领结构优化，逆势向上彰显价值