SONAVOX(SH:688533) Huachuang Securities·2024-05-05 23:32Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [21]. Core Insights - The company reported a revenue of 2.33 billion yuan in 2023, representing a year-on-year increase of 32%. The net profit attributable to shareholders was 159 million yuan, up 82% year-on-year, and the net profit excluding non-recurring items was 156 million yuan, reflecting a 140% increase [21]. - In Q1 2024, the company achieved a revenue of 600 million yuan, also a 32% year-on-year increase, with a net profit of 58 million yuan, up 95% year-on-year [21]. - The company's gross margin was 24.7%, with a slight increase compared to the previous quarter, despite pressures from declining raw material prices [21]. - The report highlights the company's strategic focus on market expansion, average selling price (ASP) enhancement, domestic substitution, and business model transformation, which are expected to drive future growth [21]. Financial Summary - The company’s total revenue is projected to reach 3.04 billion yuan in 2024, with a year-on-year growth rate of 30.8%. The net profit is expected to be 233 million yuan, reflecting a growth rate of 46.9% [30]. - The earnings per share (EPS) is forecasted to be 1.46 yuan in 2024, with a price-to-earnings (P/E) ratio of 20 times [30]. - The report anticipates a continued increase in revenue and net profit through 2026, with projected figures of 4.64 billion yuan in revenue and 374 million yuan in net profit [30].