BIYI(SH:603215) Haitong Securities·2024-04-30 02:02Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Insights - The company is experiencing short-term pressure on revenue and profitability, primarily due to poor performance in its main product category, air fryers. However, the company is expanding into new product categories such as coffee machines, which are expected to contribute to revenue growth in the future [4][5][18]. - The company reported a revenue of 1.56 billion yuan in 2023, a year-on-year increase of 4.02%, and a net profit of 202 million yuan, up 13.34% year-on-year. However, Q4 2023 and Q1 2024 saw declines in revenue and net profit [17]. Financial Performance Summary - Revenue and Profitability: - 2023 revenue was 1.56 billion yuan, with a projected increase to 1.90 billion yuan in 2024, representing a year-on-year growth of 21.8% [7][10]. - The net profit for 2023 was 202 million yuan, with forecasts of 210 million yuan in 2024, indicating a growth rate of 4.2% [7][10]. - The gross margin for 2023 was 21.2%, expected to decrease to 19.9% in 2024 [10]. - Quarterly Performance: - Q4 2023 revenue was 300 million yuan, down 32.80% year-on-year, with a net profit of 26 million yuan, down 43.87% [17]. - Q1 2024 revenue was 320 million yuan, down 15.39% year-on-year, with a net profit of 10 million yuan, down 78.12% [17]. - Future Projections: - The company expects to achieve net profits of 210 million yuan, 249 million yuan, and 291 million yuan for 2024, 2025, and 2026, respectively [6][10]. - The estimated price-to-earnings (P/E) ratio for 2024 is projected to be between 15-18 times, corresponding to a reasonable value range of 16.65-19.98 yuan per share [6]. Market Performance - The company's stock has underperformed the market, with a decline of 19.22% compared to the market index [3][16].