SYG(300740) 国联证券·2024-04-24 10:30Investment Rating - The investment rating for the company is "Buy" [7]. Core Insights - The company has achieved high-quality growth in performance driven by business structure optimization and efficiency improvements. In 2023, the revenue was 4.493 billion yuan, a decrease of 4.9% year-on-year, while the net profit attributable to shareholders was 294 million yuan, an increase of 135.4% year-on-year [3][5]. - The company has implemented a dual business strategy focusing on self-owned brands and CP brands, enhancing its organizational efficiency and brand matrix, which has led to improved profitability [4][5]. Financial Performance Summary - In 2023, the company reported a revenue of 4.493 billion yuan, with a year-on-year decline of 4.9%. The net profit attributable to shareholders was 294 million yuan, reflecting a significant increase of 135.4% year-on-year. The first quarter of 2024 saw a revenue of 1.032 billion yuan, down 1.4% year-on-year, and a net profit of 40 million yuan, down 23.3% year-on-year [3][5]. - The gross profit margin improved to 58.4% in 2023, up by 5.32 percentage points year-on-year, and reached 61.3% in Q1 2024, an increase of 7.63 percentage points year-on-year [3]. - The company forecasts revenues of 5.625 billion yuan, 6.441 billion yuan, and 7.169 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 25.2%, 14.5%, and 11.3% [5][11]. Valuation and Price Target - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.03 yuan, 1.27 yuan, and 1.44 yuan, respectively. The company is assigned a target price of 24.69 yuan based on a 24 times price-to-earnings (P/E) ratio for 2024 [5][7].