Vatti(002035) 兴业证券·2024-04-28 06:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to market indices [2][11]. Core Insights - The company reported a revenue of 62.33 billion yuan for 2023, representing a year-on-year growth of 7.12%. The net profit attributable to shareholders was 4.47 billion yuan, a significant increase of 212.50% year-on-year [13]. - In Q1 2024, the company achieved a revenue of 13.81 billion yuan, reflecting a year-on-year growth of 15.60%, with a net profit of 1.24 billion yuan, up 34.61% year-on-year [13]. - The company is benefiting from a high-end brand strategy and continuous optimization of its product and channel layout, leading to improved profitability and a strong growth outlook [6][8]. Financial Summary - Key financial metrics for 2023 include: - Revenue: 62.33 billion yuan - Net profit: 4.47 billion yuan - Gross margin: 42.18% - Net profit margin: 7.17% [13] - Forecasted financial performance for 2024-2026: - Revenue is expected to grow to 68.57 billion yuan in 2024, 75.27 billion yuan in 2025, and 82.36 billion yuan in 2026, with respective year-on-year growth rates of 10.0%, 9.8%, and 9.4% [8]. - Net profit is projected to reach 630 million yuan in 2024, 717 million yuan in 2025, and 812 million yuan in 2026, with growth rates of 40.9%, 13.8%, and 13.3% respectively [8]. - The company's earnings per share (EPS) are forecasted to be 0.74 yuan in 2024, 0.85 yuan in 2025, and 0.96 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 8.6, 7.5, and 6.6 [8][6].