Xiamen Jihong Technology (002803) 国海证券·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" [23][19][24] Core Insights - The company demonstrated strong revenue and profit growth in 2023, with revenue reaching 66.95 billion and a year-on-year increase of 24.53%. The net profit attributable to shareholders was 3.45 billion, reflecting a year-on-year growth of 87.57% [23][24] - The gross margin improved by 5.97 percentage points to 46.66%, driven by the recovery of overseas consumption and the application of AI technology to enhance efficiency [23][24] - The cross-border e-commerce business achieved significant growth, with revenue of 42.57 billion, a year-on-year increase of 37.02%, benefiting from the recovery in overseas markets [24][19] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 66.95 billion (YoY +24.53%) and a net profit of 3.45 billion (YoY +87.57%) [23] - The gross margin for the packaging business increased by 3.44 percentage points to 19.20% [3] - The cross-border e-commerce business's gross margin improved by 3.82 percentage points to 63.31% [24] Business Segments - The packaging business generated revenue of 20.97 billion (YoY +5.75%), focusing on fast-moving consumer goods clients [23] - The application of AI technology in cross-border e-commerce includes optimizing product selection, generating landing pages, and enhancing advertising efficiency [17][24] Future Projections - Revenue projections for 2024, 2025, and 2026 are 79 billion, 91 billion, and 104 billion respectively, with net profits of 4.8 billion, 5.8 billion, and 6.4 billion [19] - The expected diluted EPS for 2024, 2025, and 2026 are 1.25, 1.50, and 1.65 respectively, with corresponding P/E ratios of 14, 12, and 10 [19]