2024年一季报点评:24Q1业绩大超预期,下游大客户高增延续,产品结构优化带动盈利改善逻辑兑现
CAYICAYI(SZ:301004)2024-04-26 10:32

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a significant performance in Q1 2024, with revenue reaching 432 million yuan, a year-on-year increase of 78.2%, and a net profit attributable to shareholders of 107 million yuan, up 102.2% year-on-year [2][3]. - The high growth is attributed to the booming U.S. insulated cup market, with the company's major client, Stanley, experiencing a substantial increase in orders due to effective marketing strategies and product innovation [2][3]. - The company's product structure optimization and improved profitability are evident, with a gross margin of 38.7% in Q1 2024, an increase of 1.7 percentage points year-on-year [2][3]. Financial Performance Summary - Total revenue for 2023 was 1,775 million yuan, with projected revenues of 2,482 million yuan for 2024, reflecting a growth rate of 39.8% [3][9]. - The net profit for 2023 was 472 million yuan, with an expected increase to 622 million yuan in 2024, indicating a year-on-year growth of 31.7% [3][9]. - The company’s earnings per share (EPS) for 2023 was 4.54 yuan, projected to rise to 5.98 yuan in 2024 [3][9].

CAYI-2024年一季报点评:24Q1业绩大超预期,下游大客户高增延续,产品结构优化带动盈利改善逻辑兑现 - Reportify