YUNNAN BAIYAO(000538) 国泰君安·2024-04-29 03:02Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 65.52, up from the previous forecast of 63.36, while the current price is 55.33 [1][8]. Core Insights - The company reported steady revenue growth and significant profit increases due to improved gross margins and a slight decrease in expense ratios. The operational capabilities have improved, and high dividends reflect management's confidence in future growth [8]. - The first quarter of 2024 saw revenue of 10.774 billion, a 2.5% increase, and a net profit attributable to shareholders of 1.702 billion, up 12.1%. The growth is attributed to enhanced gross margins and reduced expense ratios [8]. - The report highlights a return on equity (ROE) of 4.18% for Q1 2024, the highest in three years, indicating improved operational efficiency [8]. Financial Summary - Revenue projections for 2024-2026 are 41.914 billion, 44.771 billion, and 47.588 billion respectively, with a consistent growth rate of around 6-7% [5]. - The net profit for 2024 is estimated at 4.505 billion, with an EPS of 2.52, reflecting a growth trajectory [5][8]. - The company has a net asset return rate of 11.1% for 2024, with a projected dividend yield of 3.9% [7][8]. Market Data - The stock has a market capitalization of 98.723 billion, with a circulating stock ratio of 99% [3]. - The stock price has fluctuated between 46.17 and 59.16 over the past 52 weeks, indicating a stable trading range [3].