Jinwu Financial News | According to Dongxing Securities Research Report, Shenzhou International (02313) achieved operating income of 24.970 billion yuan in 2023, -10.12% year-on-year, and net profit attributable to the parent company of 4.557 billion yuan, or -0.12% year-on-year. Among them, 23H2's revenue was 13.408 billion yuan, -5.50% year on year, and net profit to mother was 2,430 billion yuan, +10.67% year over year; revenue decline narrowed in the second half of the year, profit margins increased, and operating improvements were obvious. The gross profit margin for the whole year was 24.3%, compared to 22.1% in the same period last year. The year-end dividend payout ratio was 60.3%. The company's orders improved markedly in the second half of '23, and changes in the customer structure supported part of the revenue; gross margin was further repaired in '23, and the cost ratio increased slightly; capacity utilization was high, product diversification continued, and the company's outlook for '24 was optimistic.
The bank indicates that in the long run, the bank continues to be optimistic about the company's leading manufacturing position in the sports industry chain. In terms of performance, based on customer orders and the company's production capacity plan, the bank believes 2024 is optimistic and there will be steady growth in 25/26. The company's net profit for 2023-2025 is expected to be 53.60, 59.78, and 6.609 billion yuan respectively, with growth rates of 17.61%, 11.54%, and 10.55% respectively. Currently, PE corresponding to the stock price is 21.5, 19.3, and 17.4 times, respectively, maintaining a “highly recommended” rating.