GREAT RIVER SMARTER(002930) 国泰君安·2024-05-10 05:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.40, down from the previous target of 25.76 [3][5]. Core Views - The company's performance in Q4 2023 was below expectations, primarily due to a decline in gross margin, which was reported at 52.35%, a decrease of 7.18 percentage points from the previous quarter [5]. - For Q1 2024, the company's performance met expectations, achieving revenue of 3.80 billion, a year-on-year increase of 1.07% [5]. - The company is expected to maintain strong growth, with projected EPS for 2024 and 2025 at 0.79 and 0.92 respectively [5]. Financial Forecast - Revenue is forecasted to grow from 1,547 million in 2023 to 1,795 million in 2024, representing a growth rate of 16% [3][5]. - EBIT is expected to increase from 655 million in 2023 to 721 million in 2024, with a growth rate of 10% [3][5]. - Net profit attributable to shareholders is projected to rise from 296 million in 2023 to 364 million in 2024, reflecting a growth rate of 23% [3][5]. Company Overview - The company is an innovative logistics service provider for petrochemical products, focusing on storage, transit, and related services [3][5]. - The company has been expanding its tank capacity through acquisitions, with total operational tank capacity reaching 500.31 million cubic meters by the end of 2023 [5]. Valuation Metrics - The company is valued at a PE ratio of 23.20 for 2023, decreasing to 18.89 for 2024 [5]. - The dividend yield is projected to increase from 1.7% in 2023 to 2.2% in 2024 [5].