Jiangshan Oupai(SH:603208) Huachuang Securities·2024-05-29 12:01Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][15]. Core Views - The company achieved a revenue of 3.74 billion yuan in 2023, a year-on-year increase of 16.5%, and turned a profit with a net profit of 390 million yuan compared to a loss of 300 million yuan in the same period last year [1]. - The first quarter of 2024 saw a revenue of 630 million yuan, a decrease of 8.2% year-on-year, with a net profit of 30 million yuan, down 50.8% year-on-year [1]. - The company is optimistic about long-term profitability driven by marketing transformation and improved operational efficiency [1][2]. Financial Performance Summary - In 2023, the revenue breakdown by product includes: - Laminated doors: 2.17 billion yuan (+8.6%) - Solid wood composite doors: 830 million yuan (+22.7%) - Cabinet products: 230 million yuan (+11.8%) - Other products: 300 million yuan (+71.5%) [2]. - The gross margin improved by 2.2 percentage points to 26.0% in 2023, with a net profit margin of 10.4%, an increase of 19.7 percentage points [2]. - For 2024, the company forecasts profits of 405 million yuan, 461 million yuan, and 517 million yuan for 2025 and 2026, respectively, with corresponding P/E ratios of 11, 10, and 8 [1][7]. Market Expansion and Sales Channels - The company has been expanding both domestic and international markets, with domestic sales reaching 3.44 billion yuan (+15.5%) and international sales at 90 million yuan (+16.8%) in 2023 [2]. - The number of distributors increased significantly from 24,000 to over 36,000 in 2023, contributing to revenue growth in various sales channels [2]. - The company plans to deepen e-commerce cooperation and empower distributors in 2024, which is expected to create new growth points [2].