Topband(002139) Great Wall Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [8][10]. Core Views - The company has shown resilience with a slight revenue increase in 2023, achieving a total revenue of 89.92 billion yuan, a year-on-year growth of 1.32%. However, the net profit decreased by 11.58% to 5.16 billion yuan [22][15]. - The company is focusing on strengthening its core business segments, particularly in tools, home appliances, and new energy, while also expanding into innovative areas such as robotics [3][25]. - The gross margin improved to 22.31%, up by 2.17 percentage points, driven by continuous innovation and cost reduction efforts [31]. Financial Summary - Revenue (in million yuan): - 2022A: 8,875 - 2023A: 8,992 - 2024E: 10,746 - 2025E: 12,906 - 2026E: 15,577 - Year-on-year growth rates: 14.3% (2022), 1.3% (2023), 19.5% (2024E) [2][10]. - Net Profit (in million yuan): - 2022A: 583 - 2023A: 516 - 2024E: 647 - 2025E: 851 - 2026E: 1,125 - Year-on-year growth rates: 3.2% (2022), -11.6% (2023), 25.5% (2024E) [2][10]. - ROE (%): - 2022A: 10.0 - 2023A: 8.0 - 2024E: 9.4 - 2025E: 11.1 - 2026E: 12.8 [2][10]. - EPS (latest diluted, in yuan): - 2022A: 0.46 - 2023A: 0.41 - 2024E: 0.51 - 2025E: 0.67 - 2026E: 0.89 [2][10]. Business Segment Performance - The tools segment achieved revenue of 32.41 billion yuan, with a year-on-year growth of 0.05%. The home appliances segment reached 31.66 billion yuan, growing by 2.41%. The new energy segment reported 21.40 billion yuan, up by 5.13% [3][25]. - The company is leveraging its leading position in the tools sector and expanding its market share overseas, while the home appliances segment benefits from technological upgrades [3][25].