Investment Rating - The report assigns a "Recommended" rating to the company, indicating an expected performance that exceeds the benchmark index by 10%-20% over the next six months [33]. Core Insights - The company achieved a revenue of 1.901 billion yuan in 2023, reflecting a year-on-year growth of 31.4%. The net profit attributable to the parent company reached 134 million yuan, up 31.8% year-on-year [25][26]. - The first quarter of 2024 saw a revenue of 460 million yuan, representing an 8.0% increase compared to the same period last year [25]. - The company plans to repurchase shares worth no less than 60 million yuan, signaling confidence in its future performance [25]. Financial Summary - Revenue Growth: The total revenue for 2023 was 1.901 billion yuan, with a growth rate of 31.4%. Projections for 2024 and 2025 are 2.187 billion yuan and 2.624 billion yuan, respectively, indicating continued growth [3][25]. - Net Profit: The net profit attributable to the parent company for 2023 was 134 million yuan, with a projected increase to 203 million yuan in 2024 and 255 million yuan in 2025 [3][25]. - Earnings Per Share (EPS): The EPS for 2023 was 1.35 yuan, with forecasts of 1.61 yuan for 2024 and 2.04 yuan for 2025 [3][25]. - Profitability Ratios: The gross margin for 2023 was 23.7%, with expectations of slight improvements in the following years [3][25]. - Valuation Metrics: The report adjusts the price-to-earnings (P/E) ratio to 26 for 2023, with a target price of 40.25 yuan based on a projected P/E of 25 for 2024 [25][26].
2023年报及2024年一季报点评：短期经营承压，回购彰显信心