Perfect(SH:603059) Guotai Junan Securities·2024-04-24 12:32Investment Rating - The investment rating for the company is "Buy" with a target price of 33.36 CNY, maintaining the previous rating of "Buy" [2][6]. Core Views - The company's main business shows a stable upward trend, and external acquisitions open up growth opportunities [2][6]. - The probiotic sector is expected to achieve steady revenue and profit growth [2][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.067 billion CNY, representing a 1.58% increase year-on-year, and a net profit of 0.93 billion CNY, down 4.93% year-on-year [2][6]. - For Q1 2024, the company reported a revenue of 1.19 billion CNY, up 15.76% year-on-year, with a net profit of 0.19 billion CNY, up 164.53% year-on-year [2][6]. Earnings Forecast - EPS forecasts for 2024, 2025, and 2026 are 1.39 CNY, 1.65 CNY, and 1.91 CNY respectively [2][6]. - The company expects to maintain a stable profit margin with a projected EBIT margin of 10.6% for 2024 [2][6]. Business Outlook - The company is focusing on expanding its product lines, including toothbrushes, dental floss, and wet wipes, which are expected to contribute to revenue growth [2][6]. - The acquisition of Shanenkang is anticipated to enhance the company's revenue and profit contributions through integrated supply chain advantages [2][6]. Market Position - The company has established a strong market presence in the oral care and disposable hygiene products sectors, with a diversified product portfolio [2][6]. - The company is positioned as a leading manufacturer in the domestic market, with significant export capabilities [2][6].