GUJING(000596) 东吴证券·2024-04-29 13:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 202.5 billion and a net profit of 45.9 billion in 2023, with year-on-year growth of 21.2% and 46% respectively [3] - The company is expected to continue its growth trajectory, with a forecasted revenue of 244.5 billion and a profit of 79.5 billion in 2024 [4] - The company maintains a strong market position and is expected to benefit from ongoing optimization of expense ratios, which will enhance profitability [4] Financial Performance Summary - In 2023, the total revenue reached 202.5 billion, with a net profit of 45.9 billion, reflecting a year-on-year increase of 21.2% and 46% respectively [3] - The fourth quarter of 2023 saw revenue and net profit of 43.0 billion and 7.8 billion, with year-on-year growth of 8.9% and 49.2% [3] - For the first quarter of 2024, revenue and net profit were 82.9 billion and 20.7 billion, showing year-on-year growth of 25.9% and 31.6% [3] - The gross profit margin increased by 1.9 percentage points to 79.1% in 2023, while the net profit margin improved by 3.9 percentage points to 23.3% [3] - The company expects to achieve a net profit of 60 billion in 2024, representing a year-on-year increase of 30% [4] Cash Flow and Financial Health - The operating cash flow for 2023 was 4.496 billion, with a net increase in cash of 1.571 billion [8] - As of the end of Q1 2024, the company reported contract liabilities of 46.2 billion, an increase of 32.2 billion from the end of 2023 [3] - The company has a solid cash flow performance, with a good balance between operating cash flow and liabilities [3][4] Valuation Metrics - The company’s earnings per share (EPS) for 2023 was 8.68 yuan, with projections of 11.31 yuan for 2024 [2] - The price-to-earnings (P/E) ratio is projected to be 23.39 for 2024, decreasing to 15.56 by 2026 [2] - The company’s market capitalization is approximately 139.81 billion [5]