LZYY(SH:603368) Xinda Securities·2024-04-26 13:30Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company achieved a revenue of 20.81 billion yuan in 2023, with a year-on-year growth of 9%. The net profit attributable to the parent company was 850 million yuan, reflecting a year-on-year increase of 21% [2][4]. - For Q1 2024, the company reported a revenue of 57.75 billion yuan, up 8% year-on-year, and a net profit of 3 billion yuan, representing a 15% increase year-on-year. The performance is in line with expectations [2][4]. - The company is expected to see revenue growth of 11.5% in 2024, reaching 23.19 billion yuan, and net profit growth of 20.4%, reaching 1.02 billion yuan in the same year [11]. Financial Summary - The total revenue for 2022 was 19.05 billion yuan, with a year-on-year growth of 11.2%. The net profit attributable to the parent company was 702 million yuan, with a year-on-year growth of 24.4% [11]. - The projected financials for 2024 include total revenue of 23.19 billion yuan and net profit of 1.02 billion yuan, with respective growth rates of 11.5% and 20.4% [11]. - The company's gross margin is expected to improve from 11.9% in 2023 to 12.1% in 2024, indicating a positive trend in profitability [11].