KEDA GROUP(SH:600986)2024-04-21 06:32Investment Rating - The report maintains a "Recommended" rating for the company [9]. Core Insights - The company reported a revenue of 10.818 billion yuan in 2023, a year-on-year decrease of 26.59%, while the net profit attributable to shareholders was 192 million yuan, an increase of 136.10% [9]. - The company's gross profit margin improved to 6.33%, up 1.00 percentage points year-on-year, and the net profit margin increased to 1.76%, up 1.24 percentage points year-on-year, indicating a significant improvement in profitability [9]. - The company is embracing AI technology, developing a smart content ecosystem, and launching various AI applications, which are expected to enhance its digital cultural industry [9]. - The brand marketing business achieved a revenue of 3.043 billion yuan in 2023, a year-on-year growth of 15.12%, maintaining a leading market share in the automotive sector [9]. - The report forecasts net profits for 2024, 2025, and 2026 to be 227 million yuan, 253 million yuan, and 277 million yuan, respectively, with corresponding growth rates of 18.20%, 11.45%, and 9.56% [9]. Financial Summary - In 2023, the company achieved a revenue of 10.818 billion yuan, with a gross profit margin of 6.33% and a net profit margin of 1.76% [9]. - The projected revenues for 2024, 2025, and 2026 are 12.982 billion yuan, 14.604 billion yuan, and 16.065 billion yuan, respectively, with growth rates of 20.00%, 12.50%, and 10.00% [9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.13 yuan, 0.15 yuan, and 0.17 yuan, respectively [9].