LEAGUER(SZ:002243) Guotai Junan Securities·2024-05-09 11:02Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price set at 7.56 yuan, down from a previous forecast of 10.89 yuan [7][31]. Core Views - The company experienced a revenue decline of 3.9% in 2023, with a net profit decrease of 21%. The earnings per share (EPS) for 2024 is projected at 0.28 yuan, reflecting a growth rate of 3% [17]. - The report highlights that the company's profit performance is under pressure due to the operating environment not fully recovering, impacting sales of park carriers and fair value investment income [17]. - The company is expected to stabilize its technology innovation services and explore scalable paths for technology achievement transformation [17]. Financial Summary - The total revenue for 2023 was 2,516 million yuan, with a projected increase to 2,642 million yuan in 2024, representing a growth of 5% [22]. - The net profit for 2023 was 329 million yuan, with a slight increase expected to 341 million yuan in 2024 [22]. - The gross profit margin for 2023 was 24.9%, down 4.32 percentage points from the previous year, primarily due to a decline in the gross margin of technology innovation services [17][22]. Market Data - The company's stock price has fluctuated between 5.57 and 9.19 yuan over the past 52 weeks, with a current market capitalization of 7,651 million yuan [4][7]. - The average daily trading volume is reported at 12.79 million shares, with an average daily trading value of 89.08 million yuan [4]. Valuation Metrics - The report suggests a reasonable valuation for the company at 8.46 yuan based on the price-to-sales (PS) method, with a comparable company average PS of 3.88 times for 2024 [11][30]. - The price-to-earnings (PE) valuation method indicates a reasonable valuation of 6.72 yuan, with a comparable company average PE of 24 times for 2024 [30].