Guifaxiang(002820) 华鑫证券·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company [15][24]. Core Views - The company has turned profitable, with a significant revenue increase of 113% in 2023, reaching 504 million yuan, driven by a recovery in the regional tourism market [15][16]. - The gross margin improved by 18 percentage points to 46.04%, attributed to better management of raw material costs and increased production efficiency [15][16]. - The company is expected to achieve revenue and net profit of at least 550 million yuan and 66 million yuan, respectively, in 2024 [15][16]. - The product structure is continuously optimized, with steady expansion of sales channels, including a notable increase in direct sales and distribution revenue [15][16]. Financial Forecast - The company's revenue is projected to grow from 734 million yuan in 2024 to 1.269 billion yuan in 2026, with growth rates of 45.7%, 35.9%, and 27.2% respectively [4][6]. - Net profit is expected to rise from 94 million yuan in 2024 to 187 million yuan in 2026, with growth rates of 53.8%, 45.4%, and 37.1% respectively [4][6]. - The diluted earnings per share (EPS) is forecasted to increase from 0.47 yuan in 2024 to 0.93 yuan in 2026 [4][6]. Key Financial Metrics - The company's return on equity (ROE) is projected to improve from 9.2% in 2024 to 15.9% in 2026 [4][6]. - The gross profit margin is expected to remain strong, with estimates of 47.2% in 2024 and 49.7% in 2026 [4][6]. - The company's total assets are projected to grow from 1.101 billion yuan in 2024 to 1.257 billion yuan in 2026 [4][6].