OPPLE(SH:603515) Haitong Securities·2024-05-24 00:31Investment Rating - The investment rating for the company is "Outperform the Market" [18][29]. Core Views - The company reported a total revenue of 7.79 billion yuan in 2023, representing a year-on-year increase of 7.22%. The net profit attributable to shareholders was 0.92 billion yuan, up 17.85% year-on-year, and the net profit after deducting non-recurring gains and losses was 0.85 billion yuan, an increase of 34.17% year-on-year [9]. - The company plans to distribute a dividend of 0.85 yuan per share, with a dividend payout ratio of 67.7%, corresponding to a dividend yield of 4.3% based on the stock price on May 23 [9]. - The report highlights the company's continuous revenue growth and steady recovery in profitability, with a gross margin of 40.33% in 2023, up 4.61 percentage points year-on-year, and a net margin of 11.93%, up 1.12 percentage points year-on-year [21]. Summary by Sections Financial Performance - The company achieved a total revenue of 7.795 billion yuan in 2023, with a projected revenue of 8.488 billion yuan for 2024, reflecting an 8.9% year-on-year growth [22]. - The net profit for 2023 was 0.924 billion yuan, with expectations of 1.041 billion yuan for 2024, indicating a 12.6% growth [22]. - The gross margin for 2023 was 40.3%, with projections of 37.9% for 2024 [22]. Business Strategy - The company is enhancing its channel layout to drive business growth, focusing on offline consumer business, commercial lighting, e-commerce, and overseas markets [10]. - The report emphasizes the optimistic outlook for the smart home, smart commercial, and smart city markets, driven by economic recovery and supportive policies [29]. Market Position - The company is expected to improve its market share and profitability as it continues its digital transformation and optimizes its operational channels [29]. - The projected net profit for 2024 is 1.04 billion yuan, corresponding to a PE ratio of 14.3 based on the stock price on May 23 [29].