Henglin(SH:603661) Haitong Securities·2024-05-09 01:02Investment Rating - The report maintains an "Outperform" rating for the company [21] Core Views - The company achieved a revenue of 8.2 billion yuan in 2023, representing a year-on-year growth of 25.8%, while the net profit decreased by 26.6% to 263 million yuan [23] - The comprehensive gross margin for 2023 was 23.8%, an increase of 2.0 percentage points year-on-year, with a net profit margin of 3.2%, down by 2.2 percentage points [10][23] - The company is expected to achieve net profits of 541 million yuan and 658 million yuan in 2024 and 2025, respectively, with a projected year-on-year growth of 106% and 22% [11] Financial Performance Summary - Revenue for the first quarter of 2024 is projected to be 2.42 billion yuan, with a year-on-year growth of 28.3% [5] - The company’s operating income is forecasted to reach 10.4 billion yuan in 2024, with a year-on-year growth of 27.0% [12] - The net profit for 2024 is estimated at 541 million yuan, with a significant recovery from the previous year's decline [12] Product and Sales Analysis - In 2023, the company generated revenue from various product lines: office furniture (3.47 billion yuan), soft furniture (1.29 billion yuan), panel furniture (1.12 billion yuan), new material flooring (1.49 billion yuan), and other products (800 million yuan) [24] - The revenue from OEM&ODM and OBM sales models was 4.82 billion yuan and 3.36 billion yuan, respectively, showing year-on-year growth of 29.1% and 21.3% [24] Market Position and Valuation - The current closing price of the stock is 47.56 yuan, with a market capitalization of 6.614 billion yuan [8] - The report suggests a reasonable valuation range of 50.55 to 58.33 yuan per share based on a price-to-earnings ratio of 13-15 times for 2024 [11]