OPPLE(SH:603515)2024-04-30 02:32Investment Rating - The report maintains a "Buy" investment rating for the company [3][13]. Core Insights - The company's Q1 2024 performance exceeded expectations, with a net profit margin reaching a new high since 2014 [2][14]. - The company achieved a total revenue of 77.95 billion yuan in 2023, representing a year-on-year growth of 7.22%, and a net profit of 9.24 billion yuan, up 17.85% year-on-year [13]. - The company plans to distribute a cash dividend of 8.5 yuan per 10 shares, totaling 6.26 billion yuan, which accounts for 67.7% of the net profit for 2023, resulting in a dividend yield of approximately 5% [13]. Financial Summary - The company’s total revenue is projected to grow from 7,795 million yuan in 2023 to 10,114 million yuan by 2026, with respective year-on-year growth rates of 10.1%, 9.1%, and 8.0% [4][8]. - The net profit attributable to shareholders is expected to increase from 924 million yuan in 2023 to 1,352 million yuan in 2026, with growth rates of 18.5%, 11.6%, and 10.7% for the respective years [4][8]. - The gross profit margin for 2023 was 40.33%, with an increase in net profit margin to 11.93%, marking a 1.12 percentage point increase year-on-year [14]. Market Data - As of April 26, 2024, the closing price of the stock was 16.84 yuan, with a market capitalization of 12,446 million yuan [6]. - The stock's price-to-book ratio is 1.9, and it has a one-year high of 21.99 yuan and a low of 13.43 yuan [6]. Earnings Per Share - The earnings per share (EPS) are projected to rise from 1.25 yuan in 2023 to 1.81 yuan in 2026 [8].