ORIENTAL YUHONG(SZ:002271) Tebon Securities·2024-04-21 05:30Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company achieved a revenue of 32.823 billion yuan in 2023, representing a year-on-year growth of 5.15%, and a net profit attributable to shareholders of 2.273 billion yuan, up 7.16% [4][6]. - The fourth quarter saw a revenue decline of 4.76% to 7.462 billion yuan, with a net profit of -80 million yuan, a significant drop of 117.18% [4][6]. - The company is actively adjusting its strategy to enhance channel integration and increase retail business, which has shown robust growth with a revenue of approximately 9.287 billion yuan, up 28.11% year-on-year, accounting for 28.29% of total revenue [4][6]. - The report highlights a significant improvement in operating cash flow, with a net cash flow of approximately 2.1 billion yuan in 2023, an increase of about 1.445 billion yuan year-on-year [5][6]. Financial Summary - The company’s total assets were reported at 51.174 billion yuan, with a debt-to-asset ratio of 43.9%, down 2.35 percentage points from the beginning of the year [5][8]. - The earnings per share (EPS) for 2023 is projected at 0.90 yuan, with forecasts for 2024, 2025, and 2026 at 1.15, 1.41, and 1.74 yuan respectively [7][8]. - The company’s gross margin for 2023 is estimated at 27.7%, with expectations for gradual improvement in subsequent years [8]. Market Performance - The company’s stock has experienced a significant decline of 49.5% year-on-year, with a current price of 13.54 yuan [2][7]. - The report indicates that the company is well-positioned to recover as the real estate market stabilizes, with adjusted profit forecasts for 2024, 2025, and 2026 at 2.905 billion, 3.563 billion, and 4.371 billion yuan respectively [6][8].