ORG Technology(002701) 申万宏源·2024-05-23 01:32Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][11]. Core Insights - The company reported better-than-expected performance in Q1 2024, benefiting from a decline in raw material costs. The revenue for 2023 was 13.843 billion yuan, a year-on-year decrease of 1.6%, while the net profit attributable to shareholders was 775 million yuan, an increase of 37.1% [3][11]. - The gross margin improved due to increased sales of Red Bull and lower raw material costs, with a gross margin of 15.2% in 2023 and 18.3% in Q1 2024, both showing a year-on-year increase of 3.4 percentage points [3][11]. - The company is expanding its business into new areas, including the production of precision battery structure components for new energy vehicles, which is expected to create a second growth curve [3][11]. Financial Data Summary - For 2023, the company achieved total revenue of 13.843 billion yuan and a net profit of 775 million yuan. The forecast for 2024 is a revenue of 14.573 billion yuan and a net profit of 885 million yuan, reflecting a year-on-year growth of 14.2% [11][12]. - The company’s gross margin is projected to be 16.0% in 2024, with a return on equity (ROE) of 9.6% [11][12]. - The company plans to raise 9.4 billion yuan through convertible bonds to expand its production capacity for two-piece cans, which is expected to enhance profitability in the long term [3][11].