ZANYU TECHNOLOGY(002637) 申万宏源·2024-05-03 09:02Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company reported a revenue of 9.612 billion yuan in 2023, a year-over-year decrease of 14.45%. However, it achieved a net profit attributable to shareholders of 87.88 million yuan, marking a turnaround from losses in the previous year [6]. - The first quarter of 2024 saw a revenue of approximately 2.441 billion yuan, a year-over-year decline of 11.7%, but a significant increase in net profit attributable to shareholders to about 51.16 million yuan, reflecting a year-over-year growth of 126% [6]. - The company is expected to benefit from the stabilization and recovery of palm oil prices, which will improve product price differentials and profitability [15]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 9.612 billion yuan, with a gross profit margin of 6.2% [7]. - The net profit attributable to shareholders for 2023 was 88 million yuan, with an expected increase to 252 million yuan in 2024 [16]. - The company’s operating profit for 2023 was 114 million yuan, with projections of 274 million yuan for 2024 [7][16]. Product Segments - The surfactants business generated revenue of 3.398 billion yuan in 2023, with a gross margin of 5.05% [6]. - The oil chemical segment reported revenue of 5.936 billion yuan, with a gross margin of 6.48% [6]. Future Projections - The company forecasts net profits of approximately 2.52 billion yuan, 3.49 billion yuan, and 4.23 billion yuan for 2024, 2025, and 2026, respectively [6]. - The expected price-to-earnings ratios for these years are approximately 18, 13, and 10 times [6]. Market Context - The report highlights that the company is positioned within the "Other Chemical Products" industry, which has an average PE ratio of 22-23 times for 2024 [6].