Elegant(SH:603221) Soochow Securities·2024-04-29 23:00Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative price increase of 5% to 15% over the next six months [17]. Core Insights - The company has established stable partnerships with internationally renowned flooring traders and brands, such as VERTEX, and has been integrated into the supply chain of global home improvement retailers like HOME DEPOT [17]. - The company's revenue for Q1 2024 reached 331 million yuan, representing a year-on-year growth of 106.06%, while the net profit attributable to shareholders was 35.65 million yuan, up 339.52% year-on-year [20]. - The company is experiencing a significant recovery in revenue, with the export growth of PVC flooring showing an upward trend, indicating improved market conditions [20]. - The company has accelerated its production capacity in North America, with a new factory in Mexico planned, which is expected to enhance its overseas delivery capabilities [21]. Financial Summary - The total revenue forecast for 2023 is 1,175.97 million yuan, with a year-on-year growth of 47.19% [8]. - The net profit attributable to shareholders is projected to be 77.89 million yuan for 2023, reflecting a substantial year-on-year increase of 318.55% [8]. - The earnings per share (EPS) for 2023 is estimated at 0.32 yuan, with a price-to-earnings (P/E) ratio of 29.74 based on the current price [8]. - The gross profit margin for Q1 2024 improved significantly to 24.08%, an increase of 14.33 percentage points year-on-year [10].