SACO(002025) 东方证券·2024-04-29 11:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.52 yuan, based on a 26x PE for 2024 [2][3]. Core Insights - The company reported a revenue of 1.614 billion yuan in Q1 2024, a year-on-year decrease of 9.47%, but a significant quarter-on-quarter increase of 60.27% compared to Q4 2023 [1]. - The net profit attributable to shareholders reached 226 million yuan in Q1 2024, marking a 2.68% increase year-on-year and setting a new quarterly profit record [1]. - The company's net profit margin improved to 15.75%, up by 1.80 percentage points, driven by a gross margin increase to 40.30%, which is up by 4.35 percentage points [1]. - The company is expected to benefit from a recovery in industry demand and improved revenue recognition, leading to continued quarter-on-quarter revenue growth [1]. Financial Performance Summary - For 2024, the company forecasts earnings per share (EPS) of 2.02 yuan, with projected revenues of 7.251 billion yuan, reflecting a year-on-year growth of 16.8% [6]. - The company’s gross profit margin is projected to be 36.7% in 2024, with a net profit margin of 12.7% [6]. - The company’s total assets are expected to grow from 11.148 billion yuan in 2023 to 12.533 billion yuan in 2024 [8]. - The report indicates a significant increase in prepaid expenses, which grew by 49.97% compared to the beginning of the year, indicating increased procurement activities [1].