KORRUN(300577) 国信证券·2024-05-14 06:30Investment Rating - The investment rating for the company is "Accumulate" [17] Core Views - The company experienced a revenue growth of 13.3% in 2023, reaching 3.105 billion yuan, and a significant net profit increase of 146.7% to 116 million yuan. The growth was driven by the expansion of its OEM business and the recovery of domestic travel consumption [5][19] - The company is expected to continue its double-digit revenue growth into 2024, with a projected revenue increase of over 20% for its OEM business and over 30% for its brand business [16][43] - The overall gross margin improved by 2.7 percentage points to 24.4% in 2023, with a net profit margin increase of 1.7 percentage points to 3.7% [5][19] Financial Performance Summary - 2023 Financials: - Revenue: 3.105 billion yuan, up 13.3% YoY - Net Profit: 116 million yuan, up 146.7% YoY - Gross Margin: 24.4%, up 2.7 percentage points - Net Margin: 3.7%, up 1.7 percentage points [5][19] - 2024 Projections: - Revenue is expected to reach 3.823 billion yuan, with a growth rate of 23.1% - Net Profit is projected at 248 million yuan, reflecting a 114.6% increase YoY - EPS is anticipated to be 1.03 yuan [29][16] - 2025-2026 Projections: - Revenue for 2025 is expected to be 4.459 billion yuan, and for 2026, 5.141 billion yuan - Net Profit for 2025 is projected at 301 million yuan and for 2026 at 363 million yuan [29][16] Business Segment Performance - OEM Business: - Revenue from OEM reached 2.443 billion yuan in 2023, growing by 11.2%, with a gross margin of 23.9% [15][43] - The company expanded its OEM services into textiles and apparel, contributing to revenue growth despite challenges in the global market [15] - Brand Business: - Brand revenue increased by 22.0% to 626 million yuan, with a gross margin improvement of 5.7 percentage points to 26.6% [15][43] - The brand business capitalized on the recovery of domestic travel consumption and optimized its product matrix [15]