ZHI-TECH(SZ:300785) AVIC Securities·2024-05-27 01:02Investment Rating - The investment rating for the company "值得买" (300785) is "Buy" with a target price of 22.07 CNY [6][21]. Core Views - The report emphasizes the company's focus on "consumer content + consumer data" as its core strategy, leveraging AI to enhance its main site transformation and improve the "AIGC + e-commerce" content ecosystem, which is expected to boost content creation capacity, user growth, and engagement. The company's overseas expansion is anticipated to accelerate, positively impacting its performance and valuation. The projected net profits for 2024-2026 are 1.05 billion, 1.43 billion, and 1.81 billion CNY, with corresponding EPS of 0.53, 0.72, and 0.91 CNY, leading to PE ratios of 39, 29, and 23 respectively [6][21]. Financial Performance - In 2023, the company achieved a revenue of 1.45 billion CNY, an increase of 18.17% year-on-year, while the net profit attributable to shareholders was 0.75 billion CNY, a decrease of 11.92% year-on-year. The gross margin was 48.37%, down 5.61 percentage points year-on-year, and the net margin was 5.47%, down 1.40 percentage points year-on-year [21][29]. - The quarterly performance for Q4 2023 showed a revenue of 0.493 billion CNY, up 19.22% year-on-year, with a net profit of 0.061 billion CNY, an increase of 3.62% year-on-year [21][29]. Business Development - The company is actively expanding its overseas market presence, particularly in Southeast Asia, and has established a research and development center in Chengdu to support this initiative. The report highlights the growth potential from innovative business segments, which accounted for 34.26% of total revenue in 2023, up from 27.77% in 2022 [15][26]. - The company has launched several AI-driven features in its "什么值得买" app, including an AI review bot and personalized shopping assistant, aimed at enhancing user experience and engagement [24][26]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections for 2024-2026 at 1.73 billion, 1.94 billion, and 2.11 billion CNY, reflecting growth rates of 19.07%, 12.43%, and 8.50% respectively [29]. The net profit attributable to shareholders is projected to grow significantly, indicating a strong recovery and growth potential in the coming years [29].