ANLI(SZ:300218) Minsheng Securities·2024-03-29 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 2.00 billion yuan in 2023, a year-on-year increase of 2.43%, while the net profit attributable to shareholders decreased by 51.03% to 0.71 billion yuan. However, the net profit after deducting non-recurring items increased significantly by 507.44% to 0.74 billion yuan [1] - The decline in net profit is attributed to non-operational factors, including a previous year's gain from land and property disposal, losses from overdue financial products, and losses from the overseas subsidiary in Vietnam. Despite this, the company's main products saw an increase in both volume and price, leading to improved operational performance [1] - The company is actively expanding its market presence and has established strategic partnerships with major brands, which is expected to enhance its growth prospects [1] - Future performance is anticipated to improve significantly, with projected net profits of 2.10 billion, 2.60 billion, and 3.10 billion yuan for 2024, 2025, and 2026 respectively, indicating a strong growth trajectory [1] Financial Summary - In 2023, the company achieved a gross margin of 21.01%, an increase of 4.55 percentage points year-on-year, with the second half of the year showing a gross margin of 22.89% [1] - The company’s earnings per share (EPS) are projected to be 0.97, 1.20, and 1.43 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 14x, 11x, and 9x [1][12] - The total assets are expected to grow from 2.19 billion yuan in 2023 to 2.87 billion yuan by 2026, reflecting a positive trend in the company's financial health [5][12]