Topband(SZ:002139) Guotai Junan Securities·2024-05-06 02:33Investment Rating - The investment rating for Topband Co., Ltd. (002139) is "Buy" with a target price of 15.33, maintaining the previous rating of "Buy" [2][4]. Core Views - The report highlights the continuous improvement in operational quality and emphasizes the potential opportunities in overseas markets, particularly in the AI and robotics sectors [2][4]. - The company has raised its profit forecast and target price, indicating an expected increase in profitability driven by stable growth in the home appliance business and the acceleration of international market expansion [2][4]. Financial Summary - The company reported a net profit attributable to shareholders of 5.12 billion yuan in 2023, representing a year-on-year increase of 5.76% [2]. - The comprehensive gross profit margin improved to 22.31%, with a revenue increase of 16.2% year-on-year, and a net profit of 1.76 billion yuan, which is an 82.29% increase [2][4]. - The forecast for net profit for 2024 is adjusted to 8.07 billion yuan, with EPS estimates of 0.65 yuan [2][4]. Business Performance - The home appliance segment saw a revenue growth of 52.41%, with expectations for further growth as smart appliances become more prevalent [2][4]. - The company has over half of its business coming from overseas markets, with production already established in locations like Mexico, indicating a strong potential for further international expansion [2][4]. Financial Metrics - The operating profit margin is projected to improve from 5.5% in 2023 to 7.7% in 2024, while the net asset return rate is expected to rise from 8.2% to 11.8% over the same period [4]. - The company's revenue is forecasted to grow from 8.99 billion yuan in 2023 to 10.42 billion yuan in 2024, reflecting a growth rate of 16% [4].