JINHUI(SH:603919)2024-04-22 03:30Investment Rating - The report maintains a "Recommended" investment rating for the company [9]. Core Views - The company achieved a solid start in Q1 2024, with revenue of 1.08 billion yuan, representing a year-on-year increase of 20.4%. The net profit attributable to shareholders was 220 million yuan, up 21.6% year-on-year [9]. - The company aims for a revenue target of 3 billion yuan and a net profit of 400 million yuan for the year 2024, indicating confidence in achieving these goals based on Q1 performance [9]. - The company has seen a significant increase in contract liabilities, which reached 630 million yuan at the end of Q1, a year-on-year increase of 33.1% [9]. - The domestic market continues to grow rapidly, benefiting from external factors such as tourism and economic growth in Gansu province, while the effects of adjustments in the external market are still emerging [9]. Financial Summary - For 2023A, the company reported revenue of 2.547 billion yuan, with a growth rate of 26.64%. The projected revenue for 2024E is 3.087 billion yuan, with a growth rate of 21.18% [2]. - The net profit attributable to shareholders for 2023A was 328.86 million yuan, with a profit growth rate of 17.35%. The forecast for 2024E is 411.48 million yuan, with a growth rate of 25.12% [2]. - The gross margin for 2023A was 62.44%, projected to be 62.50% in 2024E [2]. - The diluted EPS for 2023A was 0.65 yuan, expected to rise to 0.81 yuan in 2024E [2]. - The P/E ratio for 2024E is projected at 23.83, down from 29.82 in 2023A [2].