Semir(SZ:002563) GOLDEN SUN SECURITIES·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a revenue of 13.66 billion yuan in 2023, a year-on-year increase of 2%, and a net profit of 1.12 billion yuan, up 76% year-on-year [7] - The company is expected to achieve healthy growth in 2024, with projected revenue growth of over 10% and net profit growth of 15% to 20% [7] - The report highlights improvements in profitability quality, with a gross margin increase of 2.7 percentage points to 44.0% in 2023 [7] Financial Summary - Revenue (million yuan): - 2022A: 13,331 - 2023A: 13,661 - 2024E: 15,540 - 2025E: 17,315 - 2026E: 19,060 - Year-on-year growth rates: -13.5% (2022A), 2.5% (2023A), 13.8% (2024E) [2] - Net Profit (million yuan): - 2022A: 637 - 2023A: 1,122 - 2024E: 1,320 - 2025E: 1,508 - 2026E: 1,666 - Year-on-year growth rates: -57.1% (2022A), 76.1% (2023A), 17.7% (2024E) [2] - EPS (yuan/share): - 2022A: 0.24 - 2023A: 0.42 - 2024E: 0.49 - 2025E: 0.56 - 2026E: 0.62 [2] - Return on Equity (ROE): - 2022A: 5.6% - 2023A: 9.7% - 2024E: 10.9% - 2025E: 11.8% - 2026E: 12.2% [2] - P/E Ratio: - 2022A: 23.8 - 2023A: 13.5 - 2024E: 11.5 - 2025E: 10.0 - 2026E: 9.1 [2] - P/B Ratio: - 2022A: 1.4 - 2023A: 1.3 - 2024E: 1.3 - 2025E: 1.2 - 2026E: 1.1 [2]