外销带动收入增长，利润水平有所修复

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next 6 months [5][13]. Core Views - The company has shown stable revenue growth driven by an increase in overseas small appliance demand, with foreign sales revenue reaching 10.81 billion yuan, up 11.08% year-on-year, while domestic sales revenue decreased by 3.22% to 3.84 billion yuan [7][12]. - The company's net profit attributable to the parent company for 2023 is projected to be 976.77 million yuan, reflecting a year-on-year increase of 1.62% [11][12]. - The report indicates an upward adjustment in foreign sales revenue growth expectations, with projected net profits for 2023-2025 being 9.8 billion, 11.3 billion, and 12.4 billion yuan respectively [12]. Financial Performance Summary - Revenue for 2023 is estimated at 14.65 billion yuan, with a growth rate of 6.94% [15]. - The company's EBITDA for 2023 is projected to be 1.59 billion yuan, with a corresponding P/E ratio of 11.41x [15]. - The gross profit margin is expected to improve, supported by cost reduction measures and enhanced production efficiency [17]. Financial Ratios and Metrics - The company’s asset-liability ratio stands at 46.44%, indicating a stable financial structure [13]. - The projected EPS for 2023 is 1.19 yuan, with a P/B ratio of 1.50 [15]. - The report highlights a significant increase in Q4 2023 net profit, which reached 240 million yuan, up 104.9% year-on-year [11].