Wintrue Holding(SZ:002539) Huachuang Securities·2024-04-13 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.00 CNY based on a 10x PE for 2024 [26]. Core Insights - The company reported a revenue of 21.77 billion CNY for 2023, reflecting a year-on-year increase of 6.2%, while the net profit attributable to shareholders was 892 million CNY, down 40.2% year-on-year [26]. - The decline in profitability was attributed to low product prices, despite an increase in sales volume for key products [26]. - The company is focusing on enhancing its competitive advantage through R&D investments, which increased by 9.6% to 315 million CNY in 2023 [26]. Financial Summary - Revenue and Profitability: The company achieved a total revenue of 21,767 million CNY in 2023, with a projected revenue of 22,975 million CNY in 2024, and a net profit of 892 million CNY in 2023, expected to rise to 1,090 million CNY in 2024 [11][26]. - Earnings Per Share (EPS): The EPS for 2023 was 0.74 CNY, projected to increase to 0.90 CNY in 2024 [11][26]. - Valuation Ratios: The company is currently trading at a PE ratio of 11, expected to decrease to 9 in 2024, and a PB ratio of 1.2, projected to drop to 1.0 in 2024 [11][26]. - Market Performance: The total market capitalization is reported at 96.50 billion CNY, with a circulating market value of 70.55 billion CNY [13][26].