Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a revenue of 2.01 billion yuan in 2023, a decrease of 15.6% year-on-year, and a net profit attributable to shareholders of 110 million yuan, down 36.6% year-on-year [6][8]. - The gross profit margin for 2023 was 15.0%, an increase of 1.5 percentage points year-on-year, while the expense ratio was 9.4%, an increase of 3.4 percentage points year-on-year [4][6]. - The company is expected to achieve net profits of 150 million yuan and 190 million yuan in 2024 and 2025, respectively, representing year-on-year growth of 37.6% and 27.8% [8]. Financial Performance Summary - The company’s revenue and net profit for the first quarter of 2024 showed signs of recovery, with revenue of 530 million yuan, a year-on-year increase of 9% [3][22]. - The gross profit margin for the first quarter of 2024 was 12.8%, a slight increase of 0.1 percentage points year-on-year, while the expense ratio decreased to 7.0%, down 2.3 percentage points year-on-year [4][22]. - The breakdown of revenue by product for 2023 shows significant variations, with adult bicycles, children's bicycles, and electric bicycles experiencing declines, while motorcycle and accessory sales showed growth [7]. Financial Forecast - The forecast for 2024 indicates a revenue of 2.112 billion yuan, a year-on-year increase of 5.3%, and a net profit of 146 million yuan, reflecting a recovery trend [9][13]. - The projected earnings per share (EPS) for 2024 is 0.63 yuan, with a price-to-earnings (P/E) ratio of 18.99 times [8][13]. - The company’s net asset return rate is expected to improve from 9.5% in 2023 to 11.5% in 2024 [9][13].
久祺股份：公司年报点评：24Q1收入回暖，毛利率有所回升