HAOXIANGNI(002582) 华鑫证券·2024-04-29 05:30Investment Rating - The report maintains a "Buy" investment rating for the company [3][10]. Core Views - The company is expected to benefit from a dual-driven growth strategy focusing on both products and channels, implementing an "online leading, live streaming opening; offline rooting, store exhibition; channel innovation, collaborative development" strategy [3]. - The earnings per share (EPS) forecasts for 2024-2026 are projected to be 0.08, 0.12, and 0.18 yuan respectively, with corresponding price-to-earnings (PE) ratios of 82, 50, and 35 times [3]. Financial Projections - The company's main revenue is projected to grow from 1,728 million yuan in 2023 to 2,800 million yuan in 2026, reflecting growth rates of 23.4%, 21.3%, 17.8%, and 13.3% respectively [4]. - The net profit attributable to shareholders is expected to improve significantly from a loss of 52 million yuan in 2023 to a profit of 82 million yuan in 2026, with growth rates of 72.6%, 166.6%, 62.7%, and 45.9% [4]. - The diluted EPS is forecasted to transition from -0.11 yuan in 2023 to 0.18 yuan in 2026 [4]. - The return on equity (ROE) is anticipated to rise from -1.3% in 2023 to 2.0% in 2026 [4]. Revenue and Profitability Insights - The company reported a total revenue of 1,728 million yuan in 2023, with a significant increase in revenue from various channels, including online and offline sales [10]. - The gross margin is expected to improve from 25.7% in 2023 to 29.2% in 2026, driven by product innovation and channel transformation [26]. - The sales expense ratio is projected to be 21.07% in 2023 and 21.85% in 2024, indicating a slight increase in marketing investments [10]. Channel Strategy - The company is focusing on enhancing its channel strategy, with revenue from interest e-commerce, shelf e-commerce, supermarket channels, and snack channels reported at 2.48 million, 3.19 million, 0.45 million, and 0.55 million yuan respectively [23]. - The company plans to emphasize the supermarket and snack channels, which are expected to generate new growth potential [23]. Market Performance - The company's stock price has fluctuated between 5.21 and 9.21 yuan, with a daily average trading volume of 1.89 million yuan [10]. - The company has shown a strong performance in expanding its market presence, particularly in regions outside its home province [23].