HAOYANG(300833) 光大证券·2024-04-26 07:02Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company achieved stable revenue growth in 2023, with a revenue of 1.305 billion yuan, representing a year-on-year increase of 6.72% [6][8] - The domestic sales ratio has increased, contributing to revenue stability, with domestic sales revenue rising by 111.27% year-on-year [6][2] - New product launches and the completion of new production capacity are expected to drive future growth [3][8] Summary by Sections Financial Performance - In 2023, the company reported a net profit of 366 million yuan, a year-on-year increase of 2.81% [6] - For Q1 2024, revenue was 315 million yuan, showing a decrease of 4.55% year-on-year, while net profit was 101 million yuan, up by 0.9% [1][6] - The gross profit margin for 2023 was 49.96%, down by 0.22 percentage points year-on-year, while the net profit margin was 28.31%, down by 1.15 percentage points [2] Sales and Revenue Breakdown - The company’s domestic sales accounted for 11.73% of total sales in 2023, up from 5.92% in 2022 [2] - The OBM (Original Brand Manufacturer) revenue was 823 million yuan, up 20.80% year-on-year, while ODM (Original Design Manufacturer) revenue decreased by 14.36% to 429 million yuan [6] Research and Development - The company continues to invest in R&D, adding 182 new patents in 2023, including 28 domestic and international invention patents [3] - The number of R&D personnel increased by 31.21% year-on-year, indicating a strong commitment to innovation [3] Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025 to 440 million yuan and 543 million yuan, respectively, due to slower-than-expected ramp-up of new production capacity [8] - The expected EPS for 2024, 2025, and 2026 is projected to be 5.22 yuan, 6.43 yuan, and 7.97 yuan, respectively [8]