Yiheda(SZ:301029) Changjiang Securities·2024-05-10 05:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its growth potential and business advantages [17][29]. Core Insights - The company achieved a revenue of 2.881 billion yuan in 2023, representing a year-on-year growth of 14.58%. The net profit attributable to the parent company was 546 million yuan, up 7.73% year-on-year, while the net profit excluding non-recurring items reached 540 million yuan, growing by 10.31% [5][6]. - In Q4 2023, the company's revenue was 678 million yuan, a slight decline of 0.54% year-on-year, but the net profit attributable to the parent company increased by 5.48% to 94 million yuan. In Q1 2024, revenue dropped to 540 million yuan, down 40.22% year-on-year, with net profit also decreasing by 40.35% to 96 million yuan [5][6]. - The company's gross margin for 2023 was 37.95%, a decrease of 1.13 percentage points, primarily affected by the lithium battery, 3C, and photovoltaic sectors. However, the gross margin improved to 35.03% in Q1 2024, indicating potential recovery in profitability [6][14]. Financial Performance - The company has shown resilience in its financial performance, with a projected net profit of 600 million yuan in 2024, 690 million yuan in 2025, and 829 million yuan in 2026, corresponding to price-to-earnings ratios of 24, 21, and 17 times respectively [29][34]. - The company has been expanding its global footprint, particularly in Southeast Asia, and has made significant progress in establishing overseas subsidiaries to support its growth strategy [7][14]. Business Strategy - The company is focusing on diversifying its business by entering new industries such as semiconductors, healthcare, and robotics, which are expected to contribute to revenue growth in the future [14][15]. - The company has enhanced its one-stop procurement service, with its FA factory automation components covering 226 major categories and 3,880 subcategories, leading to a 117% year-on-year growth in its FB business [15][29].