Investment Rating - The report assigns a "Buy" rating to the company with a target price of 19.11 yuan, up from the previous target of 18.81 yuan [12][15]. Core Insights - The company's profitability has significantly improved, with a strong dividend payout to shareholders. The revenue and profit recovery is primarily attributed to the rebound in overseas inventory and a decrease in raw material costs [12][15]. - The company has enhanced delivery efficiency through better supply chain management and actively expanded its customer base, indicating a stable growth outlook [12][15]. Summary by Sections Financial Performance - The company reported a revenue of 1.337 billion yuan in 2023, a decrease of 11.80% year-on-year, while the net profit attributable to shareholders was 151 million yuan, representing a 31.41% decline [12][15]. - In Q1 2024, the company achieved a revenue of 384 million yuan, an increase of 35.18% year-on-year, with a net profit of 42 million yuan [12][15]. Profitability Trends - The gross profit margin for 2023 was 17.02%, an increase of 3.3 percentage points year-on-year, while the net profit margin was 7.72%, a decrease of 2.21 percentage points [12][15]. - The report forecasts an improvement in profitability with an expected EPS of 0.91 yuan for 2024, up from the previous forecast of 0.73 yuan [12][15]. Valuation Metrics - The report highlights a comparison with peer companies, suggesting an average PE ratio of 21 for 2024, which supports the revised target price [15][16]. - The company's current market capitalization is 2.605 billion yuan, with a 52-week price range of 9.66 to 17.47 yuan [2][12].
依依股份2023年报及2024年一季报点评：盈利能力显著修复，高分红回馈股东