AGSW(SH:600199) Tebon Securities·2024-05-06 01:00Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company reported a revenue of 1.47 billion in 2023, representing a year-on-year growth of 23.9%, and a net profit attributable to shareholders of -0.02 billion, indicating a reduction in losses [9] - The company experienced significant growth in its liquor business in 2023, with revenue from liquor and biopharmaceuticals changing by +43.5% and -13.6% respectively [10] - The company plans to divest its biopharmaceutical subsidiary to focus on its core liquor business, which is expected to drive further growth [11] - The company has shown strong reform momentum, with adjusted revenue forecasts for 2024-2026 indicating growth rates of 9.0%, 26.4%, and 31.7% respectively [11] Financial Performance Summary - In 2023, the company achieved a revenue of 1,469 million, with a projected revenue of 1,601 million for 2024, reflecting a growth rate of 9.0% [19] - The net profit is expected to turn positive in 2024, with estimates of 66 million, and further growth to 278 million and 598 million in 2025 and 2026 respectively [19] - The gross margin improved to 40.3% in 2023, with expectations to rise to 45.2% in 2024 and 67.0% by 2026 [19] - The company’s return on equity is projected to improve from -0.9% in 2023 to 19.5% by 2026 [19]