HAERS(SZ:002615) Guotai Junan Securities·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 10.40 yuan, up from the previous target of 9.40 yuan [1][2]. Core Views - The company has shown strong performance in Q4, with revenue rebounding and growth across multiple segments. The report highlights the end of inventory destocking by external customers, improved demand, and order replenishment as key drivers for this growth [1][2]. - The company has optimized its internal organization and governance structure, which is expected to release governance dividends. The management team is now complete, and the incentive system is in place, supporting an upgraded expansion strategy [1][2]. - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.61, 0.71, and 0.80 yuan respectively, reflecting a strong growth trajectory [1][2]. Summary by Sections Investment Highlights - The company is expected to benefit from the release of reform dividends and a strong performance trend. The report anticipates a significant increase in EPS for the upcoming years [1][2]. - The company has successfully attracted new customers and expanded its international market presence, particularly through cross-border e-commerce [1][2]. Financial Performance - The report indicates that the company's revenue for 2023 is projected at 2,407 million yuan, with a forecasted increase to 2,932 million yuan in 2024 [2]. - The net profit attributable to shareholders is expected to grow from 250 million yuan in 2023 to 287 million yuan in 2024, reflecting a 15% increase [2]. Valuation Metrics - The report provides a price-to-earnings (PE) ratio of 16.9x for 2024, indicating a favorable valuation compared to industry peers [1][2]. - The company's return on equity (ROE) is projected to be 17.0% in 2023, demonstrating strong profitability [2].