Recodeal(688800) 德邦证券·2024-04-26 01:00Investment Rating - The report maintains a "Buy" rating for the company 瑞可达 (688800.SH), indicating a potential performance improvement and overseas expansion aiding recovery from a downturn [12][15]. Core Insights - The company has shown signs of a performance turnaround in Q1 2024, with a year-on-year increase in net profit and revenue, breaking a four-quarter streak of negative growth [2][14]. - The company is focusing on expanding its overseas operations and increasing R&D investment, which is expected to enhance its market competitiveness and drive future growth [23]. Financial Performance Summary - In 2023, the company reported a revenue of 1.555 billion yuan, a decrease of 4.32% year-on-year, and a net profit of 137 million yuan, down 45.86% year-on-year [14]. - For Q1 2024, the company achieved a revenue of 462 million yuan, a year-on-year increase of 40.66%, and a net profit of 42 million yuan, up 1.66% year-on-year [14]. - The gross profit margin for Q1 2024 was 24.88%, a decrease of 2.54 percentage points year-on-year, while the net profit margin was 9.43%, down 3.02 percentage points year-on-year [2]. Business Segment Analysis - The company's revenue from the new energy connector business was approximately 1.367 billion yuan in 2023, accounting for 87.89% of total revenue, with a year-on-year decline of about 1.98% due to reduced order volume [2]. - The communication connector business saw a significant decline, with revenue of approximately 106 million yuan, representing 6.83% of total revenue, and a year-on-year decrease of about 31.57% due to project delays [2]. Future Projections - The report forecasts revenues of 2.278 billion yuan, 2.829 billion yuan, and 3.518 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 201 million yuan, 298 million yuan, and 404 million yuan [15][25].