Yiheda(SZ:301029) Soochow Securities·2024-04-23 05:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance exceeding the benchmark by 5% to 15% over the next six months [8][23]. Core Insights - The company achieved a revenue of 2.88 billion yuan in 2023, representing a year-on-year growth of 14.58%. The net profit attributable to shareholders was 545.53 million yuan, up 7.73% year-on-year [1][8]. - The report highlights a significant growth potential in the FB business, which saw a revenue increase of 117% year-on-year, reaching 156 million yuan in 2023 [1][8]. - The report notes a slight decline in profitability due to intensified market competition and changes in product mix, with a gross margin of 37.9%, down 1.1 percentage points year-on-year [1][8]. Financial Performance Summary - Revenue Forecasts: - 2023A: 2,881 million yuan - 2024E: 3,198 million yuan (11% growth) - 2025E: 3,854 million yuan (20.5% growth) - 2026E: 4,875 million yuan (26.5% growth) [1][4] - Net Profit Forecasts: - 2023A: 545.53 million yuan - 2024E: 629.62 million yuan (15.41% growth) - 2025E: 792.28 million yuan (25.83% growth) - 2026E: 1,042.04 million yuan (31.52% growth) [1][4] - Earnings Per Share (EPS): - 2023A: 0.94 yuan - 2024E: 1.09 yuan - 2025E: 1.37 yuan - 2026E: 1.80 yuan [1][4] - Price-to-Earnings (P/E) Ratios: - 2023A: 24.60 - 2024E: 21.31 - 2025E: 16.94 - 2026E: 12.88 [1][4] Business Segment Analysis - Revenue by Industry: - New Energy Lithium Battery: 890 million yuan (31% of total revenue, +1.51% YoY) - 3C Industry: 593 million yuan (21% of total revenue, +4.27% YoY) - Photovoltaic Industry: 422 million yuan (15% of total revenue, +168.31% YoY) [1][8]. - Revenue by Sales Model: - Online Revenue: 497 million yuan (23.35% of total revenue, -15.32% YoY) - Offline Revenue: 2.38 billion yuan (76.65% of total revenue, +23.69% YoY) [1][8].