An introduction to this reportRyobismurf800The company's performance is in line with expectations, product structure improvement and cost reduction and efficiency boost profitability, major and overseas growth is bright. It is expected that with the introduction of the trade-in policy, the company's products are expected to seize share by virtue of strong competitive advantage. Main points of investmentRyobismurf800Conclusion: considering that the demand of the industry is still recovering, the EPS forecast for 2024-2025 will be reduced to 1.Ryobismurf800. 38/1Ryobismurf800.64 yuan (the original 1.79 EPS 2.00 yuan), the new 2026 EPS forecast is 1.92 yuan, with reference to the comparable company valuation, the company lowered the target price to 22.08 yuan (the original 34.89 yuan), maintaining the overweight rating. Event: the company's performance is in line with expectations, with revenue of 8.678 billion yuan / + 10.71% and net profit of 429 million yuan / + 80.54% in 2023. 2024Q1 realized revenue of 1.761 billion yuan / + 20.02% and net profit of 74 million yuan / + 20.20%. Multi-channel continued deep ploughing, major and overseas growth is bright. In 2023, the company's bulk business revenue + 16.60% year-on-year, gross profit margin + 2.93pct, the company develops its territory through hotel business, continues to break through the Top60 hotel chain in 2023, and also provides mattress renovation services for large cruise ships. The company maintains the momentum of rapid development of cross-border e-commerce. In 2023, foreign revenue was + 46.49% compared with the same period last year, gross profit margin increased 6.78pct, overseas business was expanded through customer layering and grading strategy, and brands were promoted to go to sea. Profitability has improved significantly, and performance is expected to grow steadily. The company's gross profit margin 34.37%/+1.97pct and net profit margin 5.16%/+1.69pct in 2023 are mainly due to the improvement of product structure and the contribution of reducing cost and increasing efficiency. In 2023, except for the increase of sales expense rate compared with the same period last year, 0.74pct, the management / R & D / financial expense rate decreased and the net profit rate increased. 2024Q1 company gross profit margin 33.46%/+1.07pct, net profit margin 4.29%/+0.02pct, is expected to continue with the company's high-quality operation, profitability will still improve. The company relies on the concept of sleep health to strengthen the influence of the brand, and the independent brand develops steadily with the help of e-commerce and offline channels. It is expected that with the support of trade-in, the company is expected to increase its share by virtue of strong products, and its performance is expected to grow steadily. Risk hint: downstream demand recovery is not as expected; raw material prices fluctuate greatly. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.