Jiangshan Oupai(603208) 海通证券·2024-05-14 02:02Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 3.74 billion yuan in 2023, representing a year-on-year increase of 16.5% [1] - The net profit attributable to the parent company was 390 million yuan, with a net profit margin of 10.4% [1] - The company has diversified its channels, with revenue from distributors, engineering channels, and agents showing year-on-year growth of 11.9%, 12.4%, and 22.1% respectively [2] Financial Performance Summary - The comprehensive gross profit margin for 2023 was 26.0%, an increase of 2.2 percentage points year-on-year [2] - The operating income for 2024 is projected to be 4.191 billion yuan, with a net profit of 437 million yuan, reflecting a growth of 12.0% [14] - The company expects a net profit of 500 million yuan in 2025, which is a 14.5% increase from 2024 [14] Revenue Breakdown - In 2023, the revenue from different product categories was as follows: 2.169 billion yuan from laminated doors, 829 million yuan from solid wood composite doors, 232 million yuan from cabinets, and 301 million yuan from other products [13] - The revenue distribution by product category was 58.0% for laminated doors, 22.2% for solid wood composite doors, 6.2% for cabinets, and 8.1% for other products [13] Valuation Metrics - The company is currently trading at a 2024 PE ratio of 9 times, with a target valuation range of 32.03 to 36.96 yuan based on a 13-15 times PE for 2024 [14] - The projected net profit margin for 2024 is expected to remain stable at 10.4% [15]