Keeson(SH:603610) Soochow Securities·2024-04-22 14:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark in the next six months [8][22]. Core Insights - The company reported a revenue of 3.1 billion yuan in 2023, representing a year-on-year growth of 16.5%, and a net profit attributable to shareholders of 205.67 million yuan, a significant increase of 625.2% compared to the previous year [15]. - The gross margin improved by 5.1 percentage points to 36.7% in 2023, driven by product mix optimization, favorable exchange rates, and reduced shipping costs [15]. - The company has established stable partnerships with key overseas clients, with 92.5% of its revenue coming from international markets in 2023, and is actively expanding its customer base in Europe [15]. - The domestic market also showed strong growth, with a 55.1% increase in revenue, attributed to the expansion of the "Shufude" brand and the opening of 109 new stores [15]. - The company significantly increased its dividend payout ratio to 171.6%, proposing a dividend of 1.0 yuan per share, totaling 350 million yuan [15]. Financial Forecasts - The company is projected to achieve a net profit of 295.07 million yuan in 2024, with an EPS of 0.82 yuan, and further growth to 349.80 million yuan and 0.98 yuan EPS in 2025 [2][15]. - The P/E ratio is expected to decrease from 20.52 in 2023 to 10.41 by 2026, indicating a more attractive valuation over time [2][15]. Cash Flow and Key Financial Metrics - Operating cash flow for 2023 is estimated at 342 million yuan, with a gradual increase projected in the following years [6][15]. - The company’s total assets are expected to grow from 4.937 billion yuan in 2023 to 5.657 billion yuan by 2026, reflecting a solid financial position [25][15]. - The return on equity (ROE) is forecasted to improve from 6.28% in 2023 to 10.62% in 2026, indicating enhanced profitability [6][15].