Chipown(SH:688508) Minsheng Securities·2024-04-14 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 30.30 yuan [15]. Core Views - The company achieved a revenue of 780 million yuan in 2023, representing a year-on-year growth of 8.45%, while the net profit attributable to shareholders was 59.48 million yuan, a decline of 33.80% [14]. - The company is experiencing a steady growth in the home appliance market, with a notable increase in market share for its products, particularly in the white and black goods sectors [14]. - The company has significantly improved its product structure, with a remarkable growth of 108.33% in the "light storage charging" segment compared to 2022 [14]. - The forecasted net profits for 2024, 2025, and 2026 are expected to be 117 million yuan, 164 million yuan, and 230 million yuan respectively, corresponding to price-to-earnings ratios of 34, 24, and 17 [14]. Financial Summary - The company's total assets are projected to be 2,779 million yuan in 2023, with a total liability of 293 million yuan, resulting in a debt-to-equity ratio of approximately 11.8% [2]. - The EBITDA is expected to grow from 47 million yuan in 2023 to 210 million yuan in 2026, indicating a strong upward trend in operational profitability [4]. - The net profit margin is projected to improve from 7.21% in 2023 to 14.08% in 2026, reflecting enhanced operational efficiency [9]. - The company's return on equity (ROE) is expected to rise from 2.39% in 2023 to 8.12% in 2026, indicating better utilization of equity capital [6].