自主品牌势能向上，海外代工前景可期

Investment Rating - The report maintains a "Buy" rating for the company [14][27]. Core Views - The company's self-owned brand is gaining momentum, and the outlook for overseas OEM business is promising [5][14]. - Traditional water fittings are expected to see steady recovery in 2024, with hidden water tanks continuing to grow rapidly [13]. - The company's profitability is projected to improve due to increasing penetration of smart bathrooms and optimization of the OEM customer structure [14]. Financial Summary - For 2023, the company achieved revenue of 2.179 billion yuan, a year-on-year increase of 11.22%, and a net profit of 222 million yuan, up 5.24% year-on-year [25]. - The forecast for 2024 and 2025 indicates net profits of 274 million yuan and 335 million yuan, respectively, with corresponding valuations of 15.4X and 12.6X [14][17]. - The company's revenue growth rates are expected to be 21.9% in 2024 and 21.6% in 2025 [17]. Key Financial Ratios - The gross profit margin is projected to increase from 28.4% in 2023 to 30.1% in 2025 [17]. - The net profit margin is expected to stabilize around 10.3% in 2024 and 10.4% in 2025 [17]. - The return on equity (ROE) is forecasted to rise from 10.6% in 2023 to 13.0% in 2025 [17].