Baosteelpackage(SH:601968) Tianfeng Securities·2024-06-10 08:00Investment Rating - The report maintains a "Buy" rating for the company [2][7][19] Core Views - The company is optimizing its market layout and demonstrating the advantages of being a state-owned enterprise [5] - The company is expected to enhance its market share further, supported by its robust operational resilience [7] - The financial forecasts have been adjusted due to the intensified competitive environment and the pace of recovery in downstream demand [7] Financial Forecast Summary - Revenue is projected to grow from 77.6 billion in 2023 to 107.0 billion by 2026, with a compound annual growth rate (CAGR) of approximately 11.78% [8] - The net profit attributable to the parent company is expected to increase from 2.2 billion in 2023 to 3.6 billion by 2026, reflecting a growth rate of 15.39% [8] - The earnings per share (EPS) is forecasted to rise from 0.19 in 2023 to 0.32 by 2026 [8] Key Financial Data - The company reported a revenue of 19.8 billion in Q1 2024, a year-on-year increase of 12.7% [5] - The gross profit margin for 2023 was 9.0%, showing a year-on-year increase of 1 percentage point [5] - The company plans to distribute a cash dividend of 1.11 billion (including tax) for 2023, with a payout ratio of 50.71% [5] Market Position and Strategy - The company has established a strong production base across various regions in China, enhancing its supply chain efficiency [5] - It is actively pursuing international expansion, particularly in Southeast Asia, with ongoing projects in Cambodia and Vietnam [5] - The company is focusing on flexible production capabilities to meet diverse customer needs, collaborating with major brands like Coca-Cola and Budweiser [5]