QIANHE(SH:603027) GF SECURITIES·2024-05-03 07:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.54 CNY per share, compared to the current price of 16.91 CNY [8]. Core Views - The company achieved a revenue of 3.207 billion CNY in 2023, representing a year-on-year growth of 31.62%, and a net profit attributable to shareholders of 530 million CNY, up 54.22% year-on-year [2]. - For Q4 2023, the revenue was 875 million CNY, a slight decrease of 0.82% year-on-year, while the net profit was 143 million CNY, down 8.47% year-on-year [2]. - The company is expected to continue its channel expansion, with Q1 2024 revenue projected at 895 million CNY, reflecting a year-on-year increase of 9.28% [3]. - The report forecasts revenues for 2024-2026 to be 3.882 billion CNY, 4.602 billion CNY, and 5.462 billion CNY, respectively, with corresponding growth rates of 21.0%, 18.6%, and 18.7% [6]. Financial Summary - The company's financial performance shows a significant increase in revenue and net profit from 2022 to 2023, with revenue rising from 2.436 billion CNY to 3.207 billion CNY and net profit from 344 million CNY to 530 million CNY [7]. - The projected earnings per share (EPS) for 2024 is 0.66 CNY, with a price-to-earnings (P/E) ratio of 25.54 [7]. - The report indicates a decrease in net profit margin to 17.32% in Q1 2024, down 0.43 percentage points year-on-year, primarily due to changes in product channel structure [3].