Jinwu Financial News | Guoyuan Securities released a research report that Chaoyun Group (06601) achieved operating income of 1,616 billion yuan in 2023, an increase of 11.68% over the previous year; corresponding net profit was 173 million yuan, an increase of 164.02% over the previous year. As of December 31, 2023, the company's cash and equivalents in hand was $2,901 million; in 2023, the company's dividend payout ratio was 80%, and continued to maintain a high dividend ratio during the operating period.
According to the bank, the company's home care grew steadily and achieved revenue growth of 13.49% in 2023. The share of online channels remained stable. The revenue of online/offline channels was RMB550/1,066 million yuan respectively, up 10.70% and 12.19% year-on-year respectively. In 2023, the company's gross margin/net margin was 44.46%/10.70% respectively, up 2.89/6.17pct year-on-year respectively, mainly benefiting from category structure optimization and supply chain reform.
The bank continued that it is optimistic about the vast growth space brought by the company's entry into the pet industry; the channel side believes that the company's omni-channel coverage strategy, which goes hand in hand with online and offline, is expected to achieve multi-dimensional growth. The company's revenue for 2024-2026 is estimated to be 1,788/19.37/2,083 billion yuan respectively, net profit due to mother is 1.83/1.95/210 million yuan, corresponding EPS is 0.14/0.15/0.16 yuan/share, respectively. The PE corresponding to the current stock price is 11.46/10.80/10.02, respectively. Give it a “buy” rating.