Fangda Packaging(BJ:838163) KAIYUAN SECURITIES·2024-05-06 10:00Investment Rating - The report maintains an "Outperform" rating for the company, with a projected relative performance exceeding the market by 5% to 20% [17]. Core Insights - The company's net profit attributable to shareholders for Q1 2024 reached 13.62 million yuan, reflecting a year-on-year growth of 26.91%. The total revenue for 2023 was 500 million yuan, a 30.10% increase compared to the previous year [17]. - The company has a strong cash flow position, with operating cash flow for 2023 at 84 million yuan and Q1 2024 at 27.29 million yuan, indicating a healthy cash flow situation [4][32]. - The company is in the process of ramping up production capacity with the introduction of advanced automated production lines, with a total of 8 planned coating production lines, of which 3 are in trial production [4][32]. Financial Summary - The company's total revenue is projected to grow from 500 million yuan in 2023 to 853 million yuan in 2024, with a year-on-year growth rate of 70.6% [19]. - The net profit attributable to shareholders is expected to increase from 39 million yuan in 2023 to 72 million yuan in 2024, representing a year-on-year growth of 81.8% [19]. - The earnings per share (EPS) is forecasted to rise from 0.31 yuan in 2023 to 0.55 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 52.4 and 28.8 respectively [19].