Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has shown significant growth in the biodegradable product segment, with a 63% year-on-year increase in the domestic market for 2023. The revenue breakdown for 2023 shows that plastic products generated 1.3 billion, biodegradable products 260 million, plant fiber products 90 million, and paper products 60 million, with respective year-on-year changes of -21.5%, +87.4%, +4.7%, and -27.6% [3][14]. - The North American market saw a revenue decline of 37.4%, while the domestic market in mainland China experienced a revenue increase of 62.5% [3]. - The company is expected to recover, with projected net profits of 180 million and 210 million for 2024 and 2025, respectively, reflecting growth rates of 296% and 15% [16]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 1.721 billion, a decrease of 12.9% year-on-year, and a net profit of 45 million, down 74.7% year-on-year. The net profit margin was 2.6%, a decrease of 6.4 percentage points [14][17]. - The gross margin for 2023 was 19.2%, down 3.0 percentage points, with total expenses accounting for 15.2% of revenue, an increase of 3.2 percentage points [15][17]. Revenue Forecast - The company forecasts total revenue of 2.083 billion for 2024, representing a year-on-year growth of 21.0%, and 2.535 billion for 2025, with a growth rate of 21.7% [17]. - The revenue from biodegradable products is expected to grow significantly, reaching 470 million in 2024 and 760 million in 2025, with respective growth rates of 80.0% and 60.0% [19]. Valuation Metrics - The company is currently valued at a P/E ratio of 91.52 for 2023, with projections of 23.13 for 2024 and 20.03 for 2025 [7][16]. - The estimated reasonable value range for the stock is between 20.57 and 22.44 per share based on a P/E ratio of 22-24 for 2024 [16].
家联科技：公司年报点评：23年内销市场同增63%，生物全降解制品表现亮眼