Jointown(SH:600998) China Post Securities·2024-04-28 07:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Insights - The company has shown continuous improvement in operational quality, with a focus on high-quality development. In 2023, it achieved a revenue of 150.14 billion yuan, a growth of 6.92%, and a net profit attributable to shareholders of 2.17 billion yuan, up by 4.27% [5][6]. - The company is implementing a new three-year strategy that emphasizes new products, new retail, new medical services, digitalization, and real estate securitization, which is expected to drive future growth [6][7]. - The company aims for a revenue growth of no less than 15% in 2024, supported by its innovative strategies and expansion plans [6]. Financial Performance Summary - In 2023, the company reported a revenue of 150.14 billion yuan, with a net profit of 2.17 billion yuan. The first quarter of 2024 saw a slight decline in revenue to 40.47 billion yuan, down by 3.85%, and a net profit of 538 million yuan, down by 4.19% [5][6]. - The company's gross profit margin for 2023 was 8.07%, while the net profit margin was 1.53%. In Q1 2024, these margins decreased to 7.20% and 1.34%, respectively [5][6]. - The company’s cash flow from operating activities reached a record high of 4.75 billion yuan in 2023, reflecting improved cash management [5][6]. Future Projections - Revenue projections for 2024-2026 are 165.27 billion yuan, 185.20 billion yuan, and 209.44 billion yuan, respectively, with corresponding net profits of 2.62 billion yuan, 3.02 billion yuan, and 3.49 billion yuan [7][8]. - The expected earnings per share (EPS) for the same period are 0.67 yuan, 0.77 yuan, and 0.89 yuan, indicating a positive growth trajectory [7][8].