Guifaxiang(SZ:002820) Huaxin Securities·2024-04-25 06:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [19]. Core Insights - The company has shown steady revenue growth, with a total revenue of 160 million yuan in Q1 2024, representing a 12% year-on-year increase. However, net profit decreased by 27% to 19 million yuan due to increased expenses [19]. - The company is actively expanding its distribution channels and enhancing brand building, with successful initiatives in e-commerce and partnerships with well-known supermarkets [19]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 0.47 yuan, 0.68 yuan, and 0.93 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19, 13, and 9 times [19]. Financial Projections - The company's projected revenue for 2023 is 504 million yuan, with expected growth rates of 113.2% in 2023, 45.7% in 2024, 35.9% in 2025, and 27.2% in 2026 [7]. - The projected net profit for 2023 is 61 million yuan, with growth rates of 186.4% in 2023, 53.8% in 2024, 45.4% in 2025, and 37.1% in 2026 [7]. - The report indicates a return on equity (ROE) of 6.2% for 2023, expected to rise to 9.2% in 2024, 12.6% in 2025, and 15.9% in 2026 [7].