Yiheda(SZ:301029) Guotai Junan Securities·2024-04-25 09:31Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 34.98 CNY, down from the previous forecast of 57.98 CNY [1][2]. Core Insights - The company has optimized its industry structure, reducing its reliance on the lithium battery sector while actively expanding its business in other growth areas, which is expected to unlock new growth opportunities [1][2]. - The 2023 annual performance met expectations, with revenue reaching 28.81 billion CNY, a year-on-year increase of 14.58%, and net profit attributable to shareholders at 5.46 billion CNY, up 7.73% year-on-year [1][2]. - The report highlights a significant growth in the company's FB business, which is anticipated to drive a second growth curve for the company [1][2]. Financial Summary - Revenue for 2023 was 28.81 billion CNY, with a net profit of 5.46 billion CNY, reflecting a year-on-year growth of 14.58% and 7.73% respectively [1][2]. - The company’s EPS for 2024 is projected to be 1.06 CNY, down from the previous estimate of 1.67 CNY, with a new EPS forecast for 2026 at 1.47 CNY [1][2]. - The company’s total assets are expected to grow from 3,426 million CNY in 2023 to 4,247 million CNY by 2026 [2]. Industry Overview - The report indicates that the company is focusing on sectors with lower growth potential, such as 3C, semiconductors, and automotive, while optimizing its industry structure [1][2]. - The lithium battery and photovoltaic sectors are expected to maintain high growth rates, with the company adapting to market demands [1][2].