ANLI(SZ:300218) Tianfeng Securities·2024-06-04 02:07Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.55 CNY, expecting a relative return of over 20% within the next six months [6][14][26]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 541 million CNY, a year-on-year increase of 24.6%, and a net profit attributable to the parent company of 41 million CNY, up 394.1% year-on-year [6][8]. - The company has become a qualified supplier for Adidas, which is expected to enhance its competitive advantage and open new growth opportunities [6][8]. - The company anticipates continued growth in its functional footwear materials segment, driven by improved customer relationships and new product introductions [8][18]. Financial Summary - The company’s total revenue is projected to grow from 1,952.74 million CNY in 2024 to 4,075.74 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 23.80% [21]. - The net profit attributable to the parent company is expected to increase from 174.80 million CNY in 2024 to 312.73 million CNY in 2026, indicating a strong growth trajectory [21]. - The earnings per share (EPS) is forecasted to rise from 0.81 CNY in 2024 to 1.44 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 20.78 to 11.62 [20][21]. Operational Highlights - The company has successfully expanded its customer base in the automotive interior segment, with applications in various car brands, including BYD and Toyota [13][19]. - The gross margin for Q1 2024 was reported at 27.6%, an increase of 10.3 percentage points year-on-year, attributed to higher sales of high-value products [6][8]. - The company is actively marketing its TPU products to major sports brands, with a positive outlook for sales growth in 2024 [17][18].