diamondreelsnodeposit| Jinshiyuan (603369): Ten billion has successfully ended and set sail again in a new stage

Event 23 Annual reportDiamondreelsnodepositThe company released 23 annual reports and 24 quarterly reports, and achieved revenue of 101 in 23 yearsDiamondreelsnodeposit. 0 yuan, year-on-year + 28Diamondreelsnodeposit.05%; the net profit of return to the mother was 3.136 billion yuan, + 25.30% compared with the same period last year; the net profit of non-return to the mother was 3.136 billion yuan, + 25.57% compared with the same period last year. Of this total, 23Q4 achieved revenue of 1.735 billion yuan, + 26.67% year-on-year; net profit of 500 million yuan, + 18.75%; and non-return net profit of 499 million yuan, + 17.35% year-on-year. Quarterly report: 24Q1 achieved revenue of 4.671 billion yuan, + 22.82% year-on-year; net profit of 1.533 billion yuan, + 22.12%; and non-return net profit of 1.525 billion yuan, + 22.08% year-on-year. 24-year business goal: the total revenue is about 12.2 billion yuan and the net profit is about 3.7 billion yuan. Statement analysis: excellent management quality, benign contract liabilities. The 23-year cash rebate was 12.061 billion yuan, + 24.83% compared with the same period last year, which is lower than the revenue growth rate (+ 28.05%). The sales cash recovery rate is 119%, of which 23Q4 cash rebate is 3.184 billion yuan, + 35.36% from the same period last year, higher than the revenue growth rate (+ 26.67%). The contract liability is 2.4 billion yuan, compared with the same period last year + 360 million yuan / month-on-month + 1.089 billion yuan. 24Q1 received about 3.73 billion yuan in cash, + 8.84% year-on-year, lower than the revenue growth rate (22.82%), and the sales cash recovery rate was 80%. The contract liability is about 973 million yuan, which is-170 million yuan / month-on-month-1.427 billion yuan compared with the same period last year. Investment points income analysis: 10 billion smooth end, intensive farming in the province and development outside the province. In 23 years, the company achieved revenue of 10.1 billion yuan, which was + 28.05% compared with the same period last year (of which Q1VRV 27.26% TQ2RV 30.61% TAC Q3GRV 28.04% TQ4RV 26.67%). Over-fulfilled the formulation at the beginning of the yearDiamondreelsnodepositWith a revenue target of 10 billion, he successfully entered the ranks of the 10 billion camp. 1) Division of products: in 23 years, the company's special A + / special A / A / B / C, D products achieved revenue of 65.03, 28.70, 4.11, 160 million yuan, respectively, compared with the same period last year. + 25.13%, 37.11%, 26.68%, 9.66%, 2.47%, mainly V3 accelerated volume, four-open, double-open, elegant and other large items performed well, and the 23-year gross profit margin was from + 1.74pct to 78.35% year-on-year. 2) Sub-region: the elasticity in the province continues, and the development outside the province is accelerated. In 23 years, the revenue of Huai'an / Nanjing / Sunan / Central Jiangsu / Yancheng / Huaihai region in the province was 19.900.56, 13.02, 15.88, respectively, 973 million yuan, compared with the same period last year, + 25.84%, 21.17%, 28.64%, 38.78%, 25.98%, 24.99%, respectively, and the growth rate of all major regions in the province exceeded 20%. Revenue outside the province reached 727 million yuan, + 40.18% compared with the same period last year. Profit analysis: the cost increases and the profitability decreases slightly. The 23-year sales / management expense rates are 20.76% 3.14/+0.14pct 4.24%, 35.80% 3.14/+0.14pct 9.59% and + 2.31/+0.34pct respectively. The increase in sales expense rate is mainly due to increased market development efforts and increased advertising investment costs. Taken together, the 23-year homing net interest rate is 31.05%, compared with the same period last year-0.68pct, profitability decreased slightly. 24Q1 management analysis: the business potential can continue and set sail again in the new stage. 24Q1 realized revenue of 4.671 billion yuan, + 22.82% of the same period last year. Among them, Special A + Class A / Special Class A / Class B / C, Class D realized revenue of 29.73max 14.05pm 0.59 billion RMB, compared with the same period last year, + 22.39%, 26.49%, 16.35%, 0.85%, 0.85%, 4.43%, and the product structure is continuously optimized. 24Q1 gross profit margin year-on-year-1.17pct to 74.23% Magne24Q1 sales expense rate 14.16%, year-on-year-1.76pct, which is expected to be mainly due to the change in the company's discount ratio. Q1 homing net interest rate compared with the same period last year-0.19pct to 32.81%, the profitability is robust. 24-year outlook: stable market price, business potential to continue. Since March, the price of the company has been adjusted, and the ex-factory prices of five generations of four, opposite and single ex-factory prices have been raised by 20-10-8 yuan respectively. The listing of the new version will help to reorganize the channel value distribution chain and extend the product life cycle. help the company thicken its performance. Secondly, the company returns money steadily, Sikai, elegant and other products can continue, and the mobile sales in many places have a good consumption atmosphere. The company through product upgrading to stabilize product prices, open series, V-series and other large single products to further consolidate the performance of the basic plate. Medium-term outlook: the post-10 billion era has a clear strategy and promotes high-end and nationalization. The company ended 10 billion yuan smoothly in 23 years, and the development goal of the company is clear. The 2025-2030 double billion strategy was put forward at the World Development Conference in 2024. At the high-end level, the company's Guoyuan brand continues to develop, V-series grows well and gradually forms a consumption atmosphere, while opening the system continues to expand. At the national level, the market in the province is cultivated carefully and the channel foundation is solid; the market outside the province focuses on national brands and plate building, gradually realizing fragmentation and periphery, and secondly, the company introduces six openings in the market outside the province, and the proportion outside the province is expected to increase gradually. Investment suggestion: in the short term, the company's goal of 10 billion yuan has been successfully achieved, and the Sikai products have been upgraded again, with a card position of 400-500 yuan and a high-end price band of 400-500 yuan, which is in line with the consumption trend of business banquets in the province. 100-200 yuan price band, in line with the current new trend of self-drinking and gift-giving, it is expected to continue to increase volume in the future. In the medium and long term, the company has a clear strategic plan, continues to promote high-end and nationalization, and is likely to achieve the 15 billion goal in 25 years. We slightly raised our profit forecast. It is estimated that the company's operating income from 24 to 26 years will be 12.4 billion yuan, 15 billion yuan and 17.8 billion yuan respectively, an increase of 22.8%, 21.3% and 18.5% respectively over the same period last year, and its net profit will be 3.8 billion yuan, 4.7 billion yuan and 5.6 billion yuan respectively, an increase of 22.2%, 21.8% and 19.8% respectively. The corresponding PE is 18.6x, 15.3x and 12.8x respectively, maintaining the company's "buy-B" rating. Risk tips: intensified competition in the province, major management flaws in the company; macro-economic fluctuations, a sharp decline in liquor consumption; [disclaimer] this article only represents the views of third parties, not 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.