Vatti(002035) 申万宏源·2024-04-28 06:02Investment Rating - The investment rating for the company is upgraded to "Buy" [4][18]. Core Views - The company's Q1 2024 performance exceeded expectations, with a revenue of 1.38 billion yuan, representing a year-on-year growth of 15.6%, and a net profit of 124 million yuan, up 34.6% year-on-year [4][19]. - The company has shown continuous improvement in profitability, with a net profit margin reaching 8.94% in Q1 2024, the highest level in nearly five years [5][19]. - The increase in dividend payout ratio highlights the company's commitment to shareholder returns, with a proposed cash dividend of 3 yuan per 10 shares, amounting to 249 million yuan, which is 55% of the net profit [18]. Financial Performance Summary - In 2023, the company achieved a total revenue of 6.23 billion yuan, a year-on-year increase of 7.12%, and a net profit of 447 million yuan, up 212.5% [4][19]. - The gross profit margin for 2023 was 42.18%, an increase of 2.66 percentage points year-on-year, while the Q1 2024 gross margin was 41.86%, up 2.23 percentage points year-on-year [5][19]. - The company forecasts revenues of 6.99 billion yuan, 7.80 billion yuan, and 8.59 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 600 million yuan, 723 million yuan, and 836 million yuan [19].