OLYMPIC(SH:603920) Huachuang Securities·2024-04-25 06:02Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [32]. Core Insights - The company achieved a revenue of 4.519 billion yuan in 2023, a year-on-year increase of 1.96%, with a gross margin of 21.32% and a net profit attributable to shareholders of 496 million yuan, reflecting a growth of 14.17% year-on-year [38]. - In Q1 2024, the company reported a revenue of 1.093 billion yuan, up 7.71% year-on-year, and a net profit of 109 million yuan, which is a significant increase of 44.73% year-on-year [38]. - The growth in revenue and profit is attributed to several factors, including increased business volume, higher product prices, lower raw material costs, and favorable exchange rates [38]. - The company is well-positioned in the automotive and data communication PCB sectors, benefiting from the long-term trends in electric vehicles and AI technologies [38]. - The forecast for net profit from 2024 to 2026 is 613 million yuan, 700 million yuan, and 823 million yuan respectively, with a target price set at 22 yuan based on a 24x P/E ratio for 2024 [39]. Financial Summary - Total revenue for 2023 was 4.519 billion yuan, with a projected growth rate of 20.8% for 2024 [8]. - The net profit for 2023 was 496 million yuan, with a forecasted growth rate of 23.7% for 2024 [8]. - The company’s earnings per share (EPS) for 2023 was 0.75 yuan, expected to rise to 0.93 yuan in 2024 [8]. - The current market price is 17.10 yuan, with a total market capitalization of 112.59 billion yuan [29].