业绩符合预期，海外持续贡献增量

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.14 CNY per share based on a 25x PE valuation for 2024 [2][29]. Core Insights - The company is expected to experience a simultaneous increase in performance and valuation during the economic recovery phase, with projected net profits of 320 million CNY, 394 million CNY, and 476 million CNY for the years 2023, 2024, and 2025 respectively [2]. - The company has achieved revenue of 2.326 billion CNY in 2023, reflecting a year-on-year growth of 26%, and a net profit of 320 million CNY, which is a 22% increase year-on-year [26]. - The company is actively expanding its overseas sales network, with products sold in over 40 countries, contributing to a higher profit margin from international sales [43]. Financial Summary - Revenue (in million CNY): 1,713 (2021), 1,846 (2022), 2,326 (2023E), 2,793 (2024E), 3,353 (2025E) with growth rates of 47.1%, 7.8%, 26.0%, 20.1%, and 20.1% respectively [4]. - Net Profit (in million CNY): 169 (2021), 262 (2022), 320 (2023E), 394 (2024E), 476 (2025E) with growth rates of 62.1%, 55.6%, 22.1%, 23.0%, and 20.9% respectively [4]. - EPS (CNY per share): 0.64 (2021), 0.80 (2022), 0.98 (2023E), 1.21 (2024E), 1.46 (2025E) [4]. - The company maintains a stable gross margin above 26% throughout 2023, with a net profit margin of 14.3% in Q4 2023 [43].