CAHIC(600195) 中邮证券·2024-05-08 01:04Investment Rating - The report maintains a "Buy" rating for the company [2][19]. Core Insights - The company's main business has shown growth, but a decrease in investment income has led to a year-on-year decline in performance [3][19]. - The company has introduced new products and is advancing in multiple categories [4][20]. - The revenue for Q1 2024 was 1.125 billion yuan, a year-on-year increase of 5.97%, while the net profit attributable to the parent company was 76.527 million yuan, a year-on-year decrease of 45.53% [19]. - The company has improved its gross margin to 21.10%, an increase of 1.34 percentage points compared to the full year of 2023 [19]. - The company is expected to benefit from the recovery of the downstream breeding industry in the second half of the year, with projected EPS for 2024-2026 being 0.43 yuan, 0.58 yuan, and 0.67 yuan respectively [20]. Financial Summary - Revenue is projected to grow from 5.406 billion yuan in 2023 to 7.352 billion yuan in 2026, with growth rates of -8.24%, 10.39%, 12.32%, and 9.67% respectively [21]. - The net profit attributable to the parent company is expected to increase from 403 million yuan in 2023 to 687 million yuan in 2026, with growth rates of -26.73%, 8.61%, 34.20%, and 16.91% respectively [21]. - The company's PE ratio is projected to decrease from 22.88 in 2023 to 13.43 in 2026, indicating improved valuation over time [21].