rakedpokergame|新泉股份(603179)：一季报符合预期 全球化不断深化

An introduction to this reportRakedpokergameThe company's quarterly report in 2024 is in line with expectations, the revenue performance is growing rapidly, the company is actively laying out overseas and expanding new products, and its medium-and long-term growth is worth looking forward to. Main points of investment: maintain the target price 60Rakedpokergame.6 yuan to maintain the overweight rating. Maintain the company's EPS forecast for 2024-2026 2Rakedpokergame.25 / 2.97 PE 3.78 yuan, maintain the overweight rating, maintain the target price of 60.6 yuan, corresponding to 27 times of 2024. 1Q24 meets expectations, and employee stock ownership plans inspire the team. The company's 1Q24 realized income of 3.05 billion yuan, an increase of 40.2%, a decrease of 6.3%, and a net profit of 200 million yuan, an increase of 34.7% and a decrease of 16.4%, in line with market expectations. The company's downstream customer orders continue to increase, and the revenue performance is growing rapidly. The company announced the employee stock ownership plan, the total amount of financing is not more than 400 million yuan, the number of participants is not more than 1100, and the stock comes from repurchaseRakedpokergameAt present, 2.816 million shares have been repurchased, with an actual repurchase amount of 120 million yuan. The employee stock ownership plan is expected to activate the team's vitality and enhance business confidence. The gross profit margin improved slightly and the expense rate increased slightly. The company's 1Q24 gross profit margin is 20.1%, with an increase in 0.31pct, a decrease of 0.7pct, and a net profit rate of 6.7%, minus 0.4pct and 0.8pct. Expense rate has increased, 1Q24 sales, management, R & D, financial expense rate 1.7%, 5.5%, 4.6%, 0.6%, year-on-year changes-0.2pct, + 0.7pct,-0.3pct, + 1.0pct. With the acceleration of globalization, the strategy of developing exterior decoration business. The company keeps pace with the development of downstream major customers, continues to increase investment in Mexico, Slovakia and other regions, accelerates the layout of global production capacity, and continues to obtain new overseas orders. The company's strategy to develop external accessories business, actively establish business cooperation with the head brand, to provide a new growth curve. Risk Tip: the expansion of new products is not as expected, overseas factories are not as expected, and downstream competition is intensified [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.