Investment Rating - The report maintains an "Overweight" rating for the company, with a target price of 12.58 RMB, down from the previous target of 14.06 RMB [7][12][21] Core Views - The company achieved a turnaround in 2023, with significant profit growth in Q1 2024, driven by effective supply chain cost reductions [8][15] - The company's gross margin improved significantly, rising by 4.55 percentage points to 17.65% in 2023, and further increased by 3.80 percentage points in Q1 2024 [15] - The company is actively expanding its self-branded products and international markets, with overseas business gross margin increasing by 7.52 percentage points in 2023 [15] Financial Performance - Revenue for 2023 was 1,081 million RMB, a decrease of 8.83% year-over-year, while net profit attributable to shareholders was 20 million RMB, a 146.80% increase [15] - For Q1 2024, revenue was 283 million RMB, down 11.24% year-over-year, but net profit attributable to shareholders increased by 65.19% to 18 million RMB [15] - The company's EBIT margin improved from -2.8% in 2022 to 0.8% in 2023, and is expected to reach 3.9% in 2024 [9] Valuation and Forecasts - The company's 2024 EPS forecast has been revised down to 0.19 RMB from 0.31 RMB, with a 2026 EPS forecast of 0.25 RMB [15] - The company's 2024 PB ratio is estimated at 2.5x, based on a comparison with peers, leading to a target price of 12.58 RMB [12] - The company's EV/EBITDA is expected to decrease from 76.80 in 2022 to 14.87 in 2024 [9] Industry and Market Position - The company is a leading domestic manufacturer of adult, baby, and pet hygiene products, with strong production capabilities [7] - The company is leveraging the aging population trend and expanding its presence in international markets, particularly in Europe and South Korea [15] Financial Metrics - The company's net profit margin improved from -3.6% in 2022 to 1.9% in 2023, and is expected to reach 4.2% in 2024 [7] - The company's ROE improved from -3.2% in 2022 to 1.5% in 2023, and is expected to reach 3.8% in 2024 [9] - The company's net debt ratio increased from 36.1% in 2022 to 40.1% in 2024 [7]
可靠股份2023年报及2024年一季报点评：盈利能力显著改善，自主品牌增长稳健