Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 22.11 based on a 1.6x PB to the 2024 BPS of RMB 13.82 [7][10]. Core Insights - The company launched a new PET composite flooring product in 2023, aiming to transition from a PVC flooring manufacturer to a provider of eco-friendly decorative materials. The focus will be on R&D and product innovation, including the industrialization of new products like PET and optimization of production processes [1][15]. - The company faced significant challenges in 2023, with revenue dropping to RMB 312 million, a YoY decrease of 89.50%, and a net profit attributable to shareholders of negative RMB 267 million, down 170.39% YoY. This decline was primarily due to U.S. customs issues affecting product clearance and normal operations [9][44]. - Future projections indicate a recovery in revenue and profitability, with expected EPS of -0.10, 0.74, and 1.04 for 2024, 2025, and 2026 respectively, as the company works to mitigate trade policy risks and optimize its global capacity layout [10][41]. Financial Summary - The company reported a significant decline in revenue and net profit for 2023, with a revenue of RMB 312 million and a net loss of RMB 267 million. The forecast for 2024 anticipates a revenue increase to RMB 974 million, with a gradual recovery in profitability expected in subsequent years [5][40]. - The gross margin for 2023 was -7.0%, with projections of 16.3% in 2024 and further improvements in the following years, indicating a potential recovery in operational efficiency [5][40]. - The company's asset-liability ratio is projected to increase from 6.1% in 2023 to 20.9% by 2025, reflecting a strategic shift in capacity and investment [5][40].
天振股份：公司年报点评：推出PET新型复合地板，致力于成为新型环保装饰材料提供商