外销高增，业绩符合预期

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][15]. Core Views - The company is expected to achieve a revenue of 21.30 billion yuan in 2023, reflecting a year-on-year growth of 5.6%, and a net profit of 2.18 billion yuan, also up 5.4% year-on-year [12][15]. - The fourth quarter of 2023 is projected to see a revenue of 5.93 billion yuan, representing a 14.3% increase year-on-year, and a net profit of 818 million yuan, up 7.8% year-on-year [12][15]. - The company is experiencing strong growth in exports, benefiting from inventory replenishment by SEB, with expected sales to SEB reaching 6 billion yuan in 2024, a 27.2% increase year-on-year [14][15]. Summary by Sections Event - The company reported a 2023 performance forecast with expected revenue of 21.30 billion yuan and net profit of 2.18 billion yuan, both showing positive growth compared to the previous year [12][14]. - The domestic small appliance market is facing a decline, but the company has increased its market share in essential categories, with online market share rising to 22.5% and offline to 33.4% [14][15]. Investment Recommendations - Revenue projections for 2023-2025 are 21.30 billion, 22.62 billion, and 23.90 billion yuan, with corresponding growth rates of 5.6%, 6.2%, and 5.7% [15][18]. - Net profit forecasts for the same period are 2.18 billion, 2.39 billion, and 2.60 billion yuan, with growth rates of 5.4%, 9.5%, and 8.9% respectively [15][18]. Financial Indicators - The company’s gross margin is expected to improve to 26.9% in 2023, with a projected net profit margin of 13.8% in Q4 2023 [14][18]. - The price-to-earnings (P/E) ratios for 2023, 2024, and 2025 are projected to be 19.95, 18.22, and 16.72 respectively [15][18].