看好2024年增长潜能

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 10.20 CNY per share for the next six months [3][15]. Core Views - The company is a leading manufacturer in the cup and kettle industry with a complete industrial chain, having established a dual-track development strategy of OEM and OBM. The recovery of major customer orders has put the company's fundamentals back on a growth track [3][4]. - The company achieved a revenue of 2.41 billion CNY in 2023, a year-on-year increase of 0.9%, and a net profit of 220 million CNY, up 8.6% year-on-year. The performance exceeded expectations due to better-than-expected recovery of overseas customer orders [5][6]. - The company’s gross margin improved to 31.2% in 2023, up 2.0 percentage points year-on-year, driven by the depreciation of the RMB and the initial scale of its online channels for self-owned brands. There is potential for further improvement in gross margin in 2024 [7]. Summary by Sections Revenue and Profitability - The company’s foreign trade revenue in 2023 was 1.77 billion CNY, down 5.2% year-on-year, primarily due to inventory destocking by major customer Yeti. However, revenue levels have returned to the levels seen in Q3 and Q4 of 2021, indicating a recovery in order status [4][5]. - The company is expected to see significant revenue and profit growth in the first half of 2024, aided by a low base effect from 2023 and increased orders from Yeti [4][5]. Market Outlook - The export value of insulated cups from China increased by 47% in January and February 2024, indicating strong demand in overseas markets. The diversified customer structure of the company correlates positively with the overall export trend of insulated cups [4][5]. - The company’s strategy to develop its own brand is expected to enhance revenue growth elasticity due to stable quarterly investments [4][5]. Financial Projections - The company is projected to achieve revenues of 3.19 billion CNY in 2024, with a net profit of 250 million CNY, reflecting a growth rate of 32.4% year-on-year [11][14]. - The earnings per share (EPS) is expected to rise from 0.54 CNY in 2023 to 0.68 CNY in 2024, indicating a positive growth trajectory [11][14].