JOEONE(601566) 国信证券·2024-05-06 01:33Investment Rating - The investment rating for the company is "Accumulate" [3][9]. Core Views - The company achieved a revenue growth of 16.6% in 2023, reaching 3.05 billion yuan, meeting its annual target of 3 billion yuan. The net profit significantly improved, resulting in a dividend payout ratio of 90% [3]. - In Q1 2024, the company reported a revenue growth of 21.7%, with a notable improvement in the net profit margin. The gross margin increased by 4.4 percentage points to 65.0% [3]. - The company is focusing on enhancing its brand image and expanding its market presence through new product launches and channel upgrades, aiming for a revenue target of 3.4 billion yuan in 2024 [3][27]. Financial Forecasts and Metrics - Revenue (million yuan): - 2022: 2,620 - 2023: 3,055 - 2024E: 3,432 - 2025E: 3,803 - 2026E: 4,186 - Growth rates: -14.1% (2022), 16.6% (2023), 12.4% (2024E), 10.8% (2025E), 10.1% (2026E) [2][30]. - Net Profit (million yuan): - 2022: -93 - 2023: 191 - 2024E: 279 - 2025E: 335 - 2026E: 396 - Growth rates: -148.0% (2022), 304.7% (2023), 45.9% (2024E), 20.2% (2025E), 18.0% (2026E) [2][30]. - Earnings per Share (EPS): - 2022: -0.16 - 2023: 0.33 - 2024E: 0.49 - 2025E: 0.58 - 2026E: 0.69 [2][30]. - EBIT Margin: - 2022: 13.3% - 2023: 18.7% - 2024E: 20.5% - 2025E: 21.0% - 2026E: 21.4% [2][30]. - Return on Equity (ROE): - 2022: -2.5% - 2023: 4.9% - 2024E: 6.8% - 2025E: 7.8% - 2026E: 8.7% [2][30]. - Price-to-Earnings Ratio (PE): - 2022: -63.7 - 2023: 31.1 - 2024E: 21.3 - 2025E: 17.7 - 2026E: 15.0 [2][30].