HAI TIAN(603288) 长江证券·2024-05-17 06:02Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a total revenue of 24.559 billion yuan in 2023, a year-on-year decrease of 4.10%, with a net profit attributable to shareholders of 5.627 billion yuan, down 9.21% year-on-year [5][6] - In Q4 2023, the total revenue was 5.909 billion yuan, a decline of 9.3% year-on-year, while the net profit attributable to shareholders was 1.298 billion yuan, down 15.2% year-on-year [5][6] - For Q1 2024, the company reported a total revenue of 7.694 billion yuan, an increase of 10.21% year-on-year, and a net profit attributable to shareholders of 1.919 billion yuan, up 11.85% year-on-year [5][6] Summary by Sections Revenue and Profit Analysis - The company experienced a significant improvement in Q1 2024 compared to the previous year, with all product categories showing recovery [5][6] - The company aims for a revenue growth target of 12% for the full year 2024, supported by the strong performance in Q1 [5][6] Margin and Cost Structure - The net profit margin for 2023 decreased by 1.29 percentage points to 22.91%, while the gross margin fell by 0.95 percentage points to 34.74% [6] - In Q1 2024, the net profit margin improved by 0.37 percentage points to 24.94%, and the gross margin increased by 0.38 percentage points to 37.31% [6] Shareholder Returns - The company increased its dividend payout ratio from approximately 50% over the past four years to 65% in 2023, significantly enhancing shareholder returns [6] - The projected net profits for 2024 and 2025 are 6.315 billion yuan and 6.828 billion yuan, respectively, with corresponding EPS of 1.14 yuan and 1.23 yuan [6]