Gelonghui, March 28 | CICC published a research report showing that Shenzhou International's revenue last year fell 10% year-on-year to about 25 billion yuan, net profit remained flat at about 4.6 billion yuan year-on-year, and the final dividend payment was 1.08 yuan per share, or the annual dividend ratio increased to about 60%. The bank pointed out that Shenzhou's management has become optimistic about this year's business prospects, but considering the uncertain speed with which brand customers place orders, they decided to lower the 2024 earnings forecast per share by 4% to 3.64 yuan, and the earnings estimate per share next year is 4.19 yuan, maintaining the “outperforming the market” rating. Due to the decline in the average valuation of the industry, CICC lowered its target price to HK$81.77, corresponding to the projected price-earnings ratio of about 20 times this year.