UE(603600) 中国银河·2024-04-26 07:00Investment Rating - The report maintains a "Recommended" rating for the company, which is a global leader in office chairs, with expectations for significant growth in earnings per share (EPS) over the next few years [2][6]. Core Insights - The company achieved a total revenue of 3.54 billion yuan in 2023, a decrease of 12.75% year-on-year, with a net profit attributable to shareholders of 298 million yuan, down 11.14% year-on-year. However, the company is expected to recover with projected revenues of 4.45 billion yuan in 2024, reflecting a growth of 25.71% [6][8]. - The gross margin improved to 22.88% in 2023, up 3.54 percentage points year-on-year, driven by enhanced procurement management and the growth of proprietary brands [6][8]. - The company is actively expanding its market presence both domestically and internationally, with a focus on building its own brand and enhancing channel construction [2][6]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 4.45 billion yuan, 5.36 billion yuan, and 6.37 billion yuan, respectively, with corresponding year-on-year growth rates of 25.71%, 20.43%, and 18.85% [8]. - The net profit attributable to shareholders is expected to reach 332 million yuan in 2024, 404 million yuan in 2025, and 486 million yuan in 2026, with growth rates of 11.51%, 21.58%, and 20.33% respectively [8]. - The EPS is projected to increase from 0.89 yuan in 2023 to 1.00 yuan in 2024, 1.21 yuan in 2025, and 1.46 yuan in 2026, indicating a strong upward trend [8].