Investment Rating - The report maintains a "Buy" rating for the company, indicating expected stock performance to exceed the benchmark index by over 20% in the next six months [2][6][25]. Core Insights - The company is projected to achieve revenues of 2.22 billion, 2.69 billion, and 3.18 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 16.76%, 20.98%, and 18.45% [2][13]. - The forecasted net profit attributable to the parent company for the same years is 162 million, 199 million, and 238 million yuan, with growth rates of 20.96%, 22.80%, and 19.16% [2][13]. - The company's gross margin is expected to continue improving, with a projected gross margin of 24.3% in 2024 [12][23]. Financial Summary - In 2023, the company reported total revenue of 1.90 billion yuan, a 27.69% increase year-on-year, with a net profit of 134 million yuan, up 31.76% [23]. - The company’s Q1 2024 revenue was 463 million yuan, showing an 8.04% increase year-on-year, while net profit rose by 14.16% to 35 million yuan [23]. - The company’s operating costs are projected to increase, but the overall profitability is expected to improve due to strategic adjustments in market approach and increased promotional spending [12][23]. Market Position and Strategy - The company is focusing on enhancing its supply chain capabilities to maintain stable profitability in its large B channel, while also increasing its market share in the small B channel, which has shown double-digit growth despite a weak overall market demand [12][23]. - The company plans to adjust its channel strategy and increase promotional expenses in response to current market competition, with expectations of positive outcomes in the near future [12][23]. Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.64, 2.01, and 2.39 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 22, 18, and 15 [2][13]. - The company’s asset-liability ratio stands at 32.8%, indicating a stable financial structure [7]. Conclusion - The report indicates a positive outlook for the company, with expected revenue and profit growth driven by strategic market adjustments and strong performance in key product categories [12][23].
积极调整市场策略，24年收入增速恢复仍具期待