2023年年报点评：业绩增长88%，现金流表现亮眼

Investment Rating - The investment rating for Jihong Co., Ltd. is "Buy" with a target price of 27.18 CNY, maintaining the same rating as before [16][22]. Core Views - Jihong Co., Ltd. reported an 88% increase in annual performance and an 86% growth in operating net cash flow for 2023, indicating strong financial health and operational efficiency [22]. - The company is focusing on enhancing its overseas market influence and brand building through the issuance of H-shares, which is expected to further strengthen its market position [22]. - The revenue forecast for 2024-2026 shows a steady growth trajectory, with EPS expected to increase by 26% in 2024 and 25% in 2025, reflecting a robust growth outlook [22]. Financial Summary - For 2023, the total revenue is projected to be 66.95 billion CNY, representing a 24.5% increase, while the net profit attributable to shareholders is expected to reach 3.45 billion CNY, marking an 87.6% growth [22]. - The company’s gross profit margin is anticipated to improve to 46.7% in 2024, up by 6 percentage points from the previous year [22]. - The net profit margin is also expected to rise to 5.4% in 2024, reflecting improved operational efficiency [22]. Operational Metrics - The company has established long-term stable partnerships with major clients such as Yili Group and Lenovo, which enhances its market credibility and operational stability [22]. - Jihong Co., Ltd. is leveraging advanced technologies, including AI and big data, to optimize its operations and strengthen its brand presence [22]. - The inventory turnover rate is projected to improve, indicating better inventory management and operational efficiency [22]. Market Position - The company is well-positioned in the fast-moving consumer goods packaging sector, with a significant market share in e-commerce and packaging solutions [22]. - The Asian social e-commerce market is expected to grow at a CAGR exceeding 20%, providing a favorable environment for Jihong Co., Ltd. to expand its market share [22]. - The company aims to enhance its brand recognition and market presence through innovative product offerings and strategic partnerships [22].