Jinwu Financial News | According to the Caitong Securities Research Report, Chuangke Industrial (00669) announced its 2023 results, and revenue growth exceeded expectations. The company's revenue in 2023 was US$13.731 billion, +3.6% YoY, excluding exchange rate impact +3.9%; net profit of US$976 million, +9.4% YoY; 2023H2 revenue of US$6.852 billion, +10.0% YoY, and net profit of 501 million yuan, +0.3% YoY. The company's professional-level growth momentum continues, and the consumer-grade growth rate has picked up markedly. Gross profit margin continued to rise. Market expansion and marketing withdrawal led to an increase in cost investment and a slight decline in net profit margin.
According to the bank, along with channel inventory replenishment, the company's operating quality has improved markedly, and performance is expected to continue to recover. At the same time, market expansion and product expansion drive the core brand Milwuakee will continue to grow, and it is expected to maintain double-digit growth for a long time. The company has maintained a considerable dividend ratio for a long time, taking into account stability and growth, and long-term value is prominent. We expect the company to achieve operating income of 149.11/164.74/18.361 billion US dollars and net profit to mother of 12.02/14.00/1,587 billion US dollars in 2024-2026, corresponding PE of 19.42/16.67/14.71x, maintaining the “gain” rating.