外销高增，业绩增长提速

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][27] Core Views - The company is a leading player in the light commercial refrigeration sector, with a product matrix centered around commercial refrigeration displays, commercial refrigeration cabinets, supermarket display cabinets, and smart vending machines. It has established stable partnerships with well-known domestic and international companies such as Unilever, Mengniu, Yili, and Nestlé [1][34] - In Q1-Q3 2023, the company achieved revenue of 2.5 billion yuan, a year-on-year increase of 7.8%, and a net profit attributable to shareholders of 356 million yuan, up 32.6% year-on-year. The third quarter alone saw revenue of 490 million yuan, a 14.8% increase year-on-year, driven by strong growth in exports [2][34] - The report highlights that the high growth in exports is expected to continue, while domestic sales are awaiting a recovery in demand. The company’s flexible production capabilities and comprehensive product offerings are seen as key advantages for long-term growth [2][26] Financial Summary - Revenue projections for 2023-2025 are 3.257 billion, 3.763 billion, and 4.322 billion yuan, with corresponding growth rates of 12.1%, 15.6%, and 14.8%. Net profits attributable to shareholders are projected at 402 million, 487 million, and 572 million yuan, with growth rates of 37.7%, 21.1%, and 17.4% respectively [27][37] - The company’s financial metrics indicate a PE ratio of 11.97, 9.88, and 8.42 for the years 2023, 2024, and 2025 respectively, suggesting an attractive valuation [27][37] - The gross profit margin is expected to improve from 23.6% in 2022 to 26.8% by 2025, indicating enhanced profitability [37]