Jiangshan Oupai(SH:603208) Minsheng Securities·2024-04-26 12:30Investment Rating - The report maintains a "Recommended" rating for Jiangshan Oupai (603208.SH) with a current price of 22.89 yuan [3][13]. Core Viewpoints - Jiangshan Oupai achieved revenue of 3.738 billion yuan in 2023, with a year-on-year growth of 16.49%, and a net profit attributable to shareholders of 390 million yuan, reflecting a significant increase of 230.63% [1][12]. - The company is expanding its multi-channel strategy, focusing on direct sales and agency channels, while also enhancing e-commerce partnerships and exploring new markets [2][12]. - The gross profit margin for Q1 2024 is under pressure, decreasing to 18.76%, primarily due to a decline in the engineering channel's margin and an increase in the proportion of lower-margin agency channels [3][12]. Financial Summary - In 2023, the company reported a gross profit margin of 26.02% and a net profit margin of 10.43% [3][12]. - Forecasts for 2024-2026 indicate a steady growth in net profit, with expected figures of 4.49 billion yuan, 5.02 billion yuan, and 5.60 billion yuan, representing growth rates of 15.1%, 11.9%, and 11.5% respectively [13][14]. - The company's PE ratio is projected to decrease from 10 in 2024 to 7 in 2026, indicating an attractive valuation [14].