营收逆势高增，加码渠道布局

Investment Rating - The investment rating for the company is "Buy" (first coverage) [2] Core Insights - The company has demonstrated strong operational resilience, achieving a revenue growth of 23.0% year-on-year in the first three quarters of 2023, despite the overall small home appliance retail market declining by 9.6% [11][21] - The company is focusing on essential product categories, with significant growth in traditional necessities such as cooking pots and electric appliances, which has contributed to its revenue growth [12][21] - The company is optimizing its channel structure, leading to an increase in gross margin to 40.8% in Q3 2023, up by 4.0 percentage points year-on-year, while also investing in emerging channels like Douyin and Xiaohongshu [12][21] Financial Summary - Revenue projections for 2023, 2024, and 2025 are expected to be 49.81 billion, 57.15 billion, and 64.43 billion yuan, with corresponding growth rates of 21.0%, 14.7%, and 12.7% [13][21] - Net profit attributable to the parent company is projected to be 4.61 billion, 5.48 billion, and 6.44 billion yuan for the same years, with growth rates of 19.3%, 18.9%, and 17.4% respectively [13][21] - The company’s P/E ratios are expected to be 16.36, 13.76, and 11.72 for 2023, 2024, and 2025 [13][21]