Xianhe(603733) 西南证券·2024-05-07 01:00Company Overview - The company achieved a revenue of 8.55 billion yuan in 2023, a year-on-year increase of 10.5%, with a net profit attributable to the parent company of 660 million yuan, a year-on-year decrease of 6.5% [35] - In Q4 2023, the company's revenue was 2.34 billion yuan, a year-on-year increase of 5.1%, with a net profit attributable to the parent company of 280 million yuan, a year-on-year increase of 96.7% [35] - In Q1 2024, the company's revenue was 2.21 billion yuan, a year-on-year increase of 20.2%, with a net profit attributable to the parent company of 270 million yuan, a year-on-year increase of 120.1% [35] Product Performance - The daily consumer goods series achieved revenue of 4.11 billion yuan in 2023, a year-on-year increase of 15.5%, with a gross margin of 11% [1][4] - The food and medical packaging materials series achieved revenue of 1.73 billion yuan in 2023, a year-on-year increase of 14.6%, with a gross margin of 6.9% [1][4] - The business communication and publishing printing materials series achieved revenue of 710 million yuan in 2023, a year-on-year decrease of 8.0%, with a gross margin of 14.3% [1][4] - The tobacco industry supporting series achieved revenue of 810 million yuan in 2023, a year-on-year increase of 0.8%, with a gross margin of 16.5% [1][4] - The electrical and industrial paper series achieved revenue of 680 million yuan in 2023, a year-on-year increase of 17.9%, with a gross margin of 14.3% [1][4] Regional Performance - Domestic sales revenue reached 7.53 billion yuan in 2023, a year-on-year increase of 11.2%, with a gross margin of 10.6% [1][4] - Export sales revenue reached 570 million yuan in 2023, a year-on-year decrease of 5.1%, with a gross margin of 20.3% [1][4] Financial Projections - The company's revenue is expected to reach 10.54 billion yuan in 2024, 12.50 billion yuan in 2025, and 14.72 billion yuan in 2026 [3][27] - Net profit attributable to the parent company is expected to be 1.03 billion yuan in 2024, 1.31 billion yuan in 2025, and 1.64 billion yuan in 2026 [3][27] - EPS is projected to be 1.46 yuan in 2024, 1.86 yuan in 2025, and 2.33 yuan in 2026 [31][36] Capacity Expansion - The company's two major projects, the "High-performance Paper-based New Materials in Sanjiangkou New District" and the "Annual 2.5 Million Tons of High-performance Paper-based New Materials Circular Economy in Hubei Shishou," are progressing as planned, with the first phase nearing completion and expected to start production in 2024 [5] Industry Outlook - The company's product matrix is rich, and downstream demand is expected to recover marginally, maintaining a "Hold" rating [36] - The company's profitability is improving, and new production capacity is gradually being released [38]