2024力争收入增长20%以上

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.15 CNY per share, indicating an expected relative return of over 20% within six months [6][19]. Core Views - The company aims for revenue growth of over 20% in 2024, focusing on market expansion, operational efficiency, and organizational strength [6]. - In Q1 2024, the company reported revenue of 290 million CNY, a year-on-year increase of 28%, and a net profit attributable to the parent company of 19 million CNY, up 165% [6]. - The company adjusted its profit forecast due to underperformance in 2023, projecting revenues of 1.27 billion CNY, 1.53 billion CNY, and 1.82 billion CNY for 2024, 2025, and 2026 respectively [6]. Financial Data and Valuation - Revenue (Million CNY): - 2022: 1,049.93 - 2023: 1,066.54 - 2024E: 1,269.50 - 2025E: 1,525.69 - 2026E: 1,818.01 - Growth Rate (%): - 2022: 1.09 - 2023: 1.58 - 2024E: 19.03 - 2025E: 20.18 - 2026E: 19.16 [4][9]. - Net Profit (Million CNY): - 2022: 97.31 - 2023: 92.51 - 2024E: 130.06 - 2025E: 162.77 - 2026E: 200.70 - EPS (CNY/Share): - 2022: 0.97 - 2023: 0.92 - 2024E: 1.29 - 2025E: 1.62 - 2026E: 2.00 [4][9]. - Valuation Ratios: - P/E Ratio: - 2022: 23.90 - 2023: 25.14 - 2024E: 17.88 - 2025E: 14.29 - 2026E: 11.59 - P/B Ratio: - 2022: 2.00 - 2023: 1.86 - 2024E: 1.43 - 2025E: 1.30 - 2026E: 1.17 [4][10]. Business Strategy - The company plans to enhance its market presence by focusing on customer interface and product development, aiming to develop new products and improve operational efficiency [6]. - The company is actively pursuing acquisitions to support its growth strategy, including acquiring a 52% stake in a related business [6].