Perfect(SH:603059)2024-04-24 11:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2]. Core Insights - The company reported a revenue of 1.067 billion yuan in 2023, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 93 million yuan, down 4.9% year-on-year. The first quarter of 2024 showed significant improvement with a revenue of 286 million yuan, up 28.3% year-on-year, and a net profit of 19 million yuan, up 164.5% year-on-year [7][2]. - The company is positioned well in the oral care sector, benefiting from a shift towards high-quality domestic brands and expanding product lines with existing clients. The introduction of new products is expected to drive future growth [2]. - Profit forecasts have been adjusted upwards, with the 2024 net profit projected at 154 million yuan, 207 million yuan for 2025, and 255 million yuan for 2026, reflecting year-on-year growth rates of 66.5%, 34.5%, and 23.2% respectively [2]. Financial Summary - The company’s total revenue for 2024 is estimated at 1.307 billion yuan, with a year-on-year growth rate of 22.5%. The gross margin is expected to improve, with 2024 projected at 24.6% [16][24]. - The company’s earnings per share (EPS) for 2024 is forecasted to be 1.53 yuan, with a PE ratio of 15 for 2024, decreasing to 9 by 2026 [16][24]. - The company has shown a positive trend in its core business fundamentals, with a significant recovery in order volumes for toothbrushes and a strong growth trajectory in other oral care products [7][2].