GLODON(SZ:002410) Huachuang Securities·2024-04-24 13:02Investment Rating - The report assigns a "Recommendation" rating to the company, with a target price of 14.93 CNY [1]. Core Views - The company's performance in 2023 was below expectations, with total revenue of 6.563 billion CNY, a year-on-year decline of 0.42%, and a net profit attributable to shareholders of 116 million CNY, down 88.02% year-on-year [1]. - The decline in profit was primarily due to increased sales expenses and asset impairment [1]. - The digital cost business showed resilience, with revenue of 5.170 billion CNY, a year-on-year increase of 8.33% [1]. - The company is focusing on internal management optimization and cost reduction strategies to improve profitability in the medium to long term [1]. Financial Summary - In 2023, the company achieved total revenue of 6.563 billion CNY, with a year-on-year growth rate of -0.4% [2]. - The net profit attributable to shareholders was 116 million CNY, reflecting a year-on-year growth rate of -88.0% [2]. - Earnings per share (EPS) for 2023 was 0.07 CNY, with projected EPS of 0.25 CNY, 0.32 CNY, and 0.40 CNY for 2024, 2025, and 2026 respectively [2]. - The company is expected to see revenue growth in the coming years, with projections of 7.103 billion CNY, 7.541 billion CNY, and 7.971 billion CNY for 2024, 2025, and 2026 respectively [2].