OPPLE(SH:603515) Guotou Securities·2024-04-29 16:00Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [7][8]. Core Views - The company has shown stable revenue growth despite negative impacts from the real estate sector, attributed to optimized channel layouts and enhanced sales capabilities [5][6]. - The company has increased its cash dividend payout ratio significantly in 2023, with a proposed cash dividend amount of 630 million yuan, resulting in a dividend rate of 67.7%, up by 20.2 percentage points year-on-year [6][7]. Financial Performance Summary - In Q4 2023, the company reported revenue of 2.28 billion yuan, a year-on-year increase of 10.5%, and a net profit of 270 million yuan, down 4.6% year-on-year [5]. - For Q1 2024, the company achieved revenue of 1.58 billion yuan, a year-on-year increase of 5.3%, and a net profit of 120 million yuan, up 23.5% year-on-year [5][6]. - The gross margin for Q1 2024 was 38.5%, an increase of 1.6 percentage points year-on-year, driven by improved product platform construction and supply chain efficiency [6]. - The net profit margin for Q1 2024 was 7.6%, up 1.1 percentage points year-on-year, reflecting enhanced profitability [6]. Earnings Forecast - The company is expected to have earnings per share (EPS) of 1.34 yuan, 1.43 yuan, and 1.53 yuan for the years 2024, 2025, and 2026 respectively [7]. - The target price for the stock is set at 18.76 yuan, corresponding to a price-to-earnings (PE) ratio of 14 times for 2024 [7][8]. Market Position - The company is recognized as a leader in the lighting industry, with ongoing digital transformation and platform development enhancing its competitive edge and market share [7].