结构优化效率提升，扣非利润高增长

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company achieved a revenue of 4.84 billion yuan in 2023, representing a year-on-year growth of 12.39%. The net profit attributable to the parent company was 563 million yuan, a significant increase of 68.8%, while the net profit excluding non-recurring items reached 553 million yuan, up by 86.9% [4][5]. Summary by Sections Revenue and Profit Growth - The company maintained rapid revenue growth, with a year-on-year increase of 12.39% in 2023. Quarterly growth rates were 4.27%, 14.14%, 17%, and 13.87% respectively. The Chinese consumer-grade surveillance camera market saw a total sales volume of 53.43 million units, growing by 10.9%, with the company holding a 7.8% market share and a year-on-year sales growth of 9.8% [5]. Product and Market Expansion - The company is actively expanding its product categories, launching two new cleaning service robots in October 2023. The company benefits from improved supply chain management, reduced raw material costs, and an increase in the proportion of cloud and overseas business, leading to an overall improvement in gross margin [5][6]. Research and Development - The company is increasing its R&D investment to drive product iteration and upgrade. It focuses on core advantages and technological innovation, expanding product categories and application scenarios. The company is also enhancing its e-commerce layout and expanding its overseas presence [5][6]. Financial Forecast - The company is expected to achieve net profits of 711 million yuan and 895 million yuan in 2024 and 2025, respectively, with corresponding PE ratios of 36.94 and 29.33 times [6][11].