SACO(002025) 长江证券·2024-05-14 05:32Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.614 billion yuan in Q1 2024, a year-on-year decrease of 9.47%, but achieved a net profit attributable to shareholders of 226 million yuan, a year-on-year increase of 2.68% [4][5]. - The company has shown significant improvement in revenue on a quarter-on-quarter basis, with net profit reaching a historical high for a single quarter [5]. - The inventory balance at the end of Q1 2024 was 1.004 billion yuan, indicating strong short-term delivery capabilities, while fixed assets and construction in progress continue to grow, enhancing long-term growth resilience [5]. - Profit forecasts for 2024-2026 estimate net profits attributable to shareholders at 1.016 billion, 1.322 billion, and 1.708 billion yuan, with year-on-year growth rates of 35.4%, 30.1%, and 29.2% respectively, corresponding to price-to-earnings ratios of 21, 16, and 12 times [5]. Summary by Sections Financial Performance - Q1 2024 revenue was 1.614 billion yuan, down 9.47% year-on-year, while net profit was 226 million yuan, up 2.68% year-on-year [4][5]. - The company expects total revenue for 2024 to be 7.141 billion yuan, with a projected net profit of 1.016 billion yuan [9]. Inventory and Assets - The inventory balance at the end of Q1 2024 was 1.004 billion yuan, the second highest since 2023, ensuring short-term delivery capabilities [5]. - Fixed assets and construction in progress are at high levels, supporting long-term growth [5]. Profit Forecasts - Expected net profits for 2024, 2025, and 2026 are 1.016 billion, 1.322 billion, and 1.708 billion yuan, with corresponding growth rates of 35.4%, 30.1%, and 29.2% [5][9].