牧高笛2023年年报及2024年一季报点评：Q1代工业务回暖，全年业绩修复可期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 39.68 CNY, unchanged from the previous rating [2][4]. Core Insights - The company is expected to see a recovery in its performance throughout the year, driven by a rebound in its OEM business and continued growth in its proprietary brand [2][4]. - The report highlights that the company's revenue for 2023 is projected to be 1,456 million CNY, reflecting a 1% year-on-year increase, while the net profit attributable to shareholders is expected to decline by 24% to 107 million CNY [2][4]. - The report notes that the company's gross margin remains stable, with proprietary brand revenue growing by 31% year-on-year, despite challenges in the OEM segment [2][4]. Summary by Sections Investment Recommendations - The report suggests a cautious adjustment of the EPS forecast for 2024 to 1.96 CNY from a previous estimate of 2.48 CNY, maintaining the target price at 39.68 CNY, which is based on a 20x PE ratio [2][4]. Financial Performance - The company reported a revenue of 1,456 million CNY for 2023, with a net profit of 107 million CNY, down 24% year-on-year [2][4]. - The report indicates that the company's operating profit for 2023 is expected to be 148 million CNY, a decrease of 19% compared to the previous year [4]. Market Position - The company operates in the textile and apparel industry, focusing on outdoor products such as tents and sleeping bags, and has a significant presence in both OEM/ODM and proprietary brand segments [4][8]. - The report emphasizes the company's strategy to enhance its proprietary brand channels and innovate product offerings to improve overall performance [2][4].