RICHEN(SH:603755) Huaxin Securities·2024-04-28 09:30Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company's profit margins are expected to improve due to the expansion of new product categories and market development [2] - The earnings per share (EPS) forecasts for 2024-2026 are projected at 0.75, 0.98, and 1.23 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 30, 23, and 18 times [2] Financial Summary - Revenue projections (in million yuan) for 2023A, 2024E, 2025E, and 2026E are 359, 468, 587, and 711, respectively, indicating a growth rate of 16.5% in 2023, 30.3% in 2024, 25.4% in 2025, and 21.0% in 2026 [16] - Net profit projections (in million yuan) for the same years are 56, 74, 97, and 122, with growth rates of 10.5%, 31.2%, 30.6%, and 26.0% [16] - The diluted EPS is expected to increase from 0.57 yuan in 2023 to 1.23 yuan in 2026 [16] - The return on equity (ROE) is projected to rise from 8.0% in 2023 to 16.4% in 2026 [16]