Sante(SZ:002159)2024-04-30 04:00Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company achieved a revenue of 720 million yuan in 2023, representing a year-on-year growth of 181%, with a net profit attributable to shareholders of 130 million yuan, up 266% year-on-year [8] - In Q1 2024, the company reported a revenue of 140 million yuan, down 11% year-on-year, but net profit attributable to shareholders increased by 18% to 30 million yuan [8] - The company has seen significant performance improvements in its quality projects, with multiple profitable projects reaching historical highs in 2023 [8] - The company’s gross margin for 2023 was 62.6%, an increase of 5.4 percentage points compared to the same period in 2019, with net profit margin improving to 19.6% [8] - The report forecasts net profits for 2024-2026 to be 170 million, 200 million, and 220 million yuan respectively, with corresponding P/E ratios of 17X, 14X, and 13X [8] Financial Summary - Revenue (million yuan): 2023A: 720.03, 2024E: 772.83, 2025E: 892.26, 2026E: 978.97 [2] - Net profit attributable to shareholders (million yuan): 2023A: 127.52, 2024E: 165.80, 2025E: 200.49, 2026E: 221.79 [2] - Gross margin (%): 2023A: 62.56, 2024E: 63.00, 2025E: 63.20, 2026E: 63.60 [2] - Diluted EPS (yuan): 2023A: 0.72, 2024E: 0.94, 2025E: 1.13, 2026E: 1.25 [2] - P/E ratio: 2023A: 21.79, 2024E: 16.76, 2025E: 13.86, 2026E: 12.53 [2]