WIT DYNE(000915) 国海证券·2024-04-21 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [7][24]. Core Insights - The company achieved revenue of 572 million yuan in Q1 2024, representing a year-on-year growth of 1.85%. The net profit attributable to the parent company was 169 million yuan, up 3.00% year-on-year, while the net profit excluding non-recurring items was 162 million yuan, reflecting a growth of 4.99% year-on-year [1]. - The company is focusing on core business areas and enhancing its innovation capabilities, which is expected to drive internal growth. The product portfolio is becoming increasingly comprehensive, leading to a maintained "Buy" rating [24]. - The company has made significant advancements in automation and digitalization in its production processes, including the installation of a new intelligent automatic packaging line, which has improved production capacity and efficiency [2]. Financial Performance - The projected revenue for the company from 2024 to 2026 is expected to be 2.869 billion yuan, 3.262 billion yuan, and 3.592 billion yuan, respectively, with corresponding net profits of 708 million yuan, 808 million yuan, and 893 million yuan [24]. - The company’s earnings per share (EPS) are forecasted to increase from 2.50 yuan in 2023 to 3.81 yuan in 2026, indicating a positive growth trajectory [25]. - The return on equity (ROE) is expected to rise from 20% in 2023 to 26% by 2026, showcasing improved profitability [25]. Market Position - The company has a strong research and development capability, particularly in the field of children's health, with multiple provincial-level innovation platforms established [31]. - The company’s stock has shown a relative performance of -1.0% over the last month, but a significant increase of 26.0% over the last three months, indicating a positive trend in the medium term [31].