FLYCO(SH:603868)2024-03-11 16:00Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][4]. Core Views - The company's 2023 revenue of 5.06 billion yuan grew by 9% year-on-year, with a net profit attributable to shareholders of 1.02 billion yuan, up 24% year-on-year [3][4]. - The product structure continues to optimize, with the sales proportion of mid-to-high-end products reaching 50.95%, an increase of 5.73 percentage points from the previous year [3]. - The company has adjusted its profit forecast for 2024-2025, expecting net profits of 1.135 billion yuan and 1.304 billion yuan, respectively, with a new estimate for 2026 at 1.515 billion yuan [4]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 1.066 billion yuan, a 17% increase year-on-year, and a net profit of 193 million yuan, up 138% year-on-year [3]. - The gross margin for Q4 2023 was 54.80%, an increase of 1.09 percentage points year-on-year [3]. - The company maintained a high sales expense ratio of 31.70% in Q4 2023, despite a slight decrease of 0.29 percentage points [3]. Revenue and Profit Forecast - The total revenue for 2023 was 5.06 billion yuan, with a projected growth rate of 15.4% for 2024 and 15.8% for 2025 [5]. - The expected earnings per share for 2024 is 2.60 yuan, increasing to 2.99 yuan in 2025 and 3.48 yuan in 2026 [5]. Market Position and Product Development - The company's mid-to-high-end product sales have increased, with the BoRui brand achieving a revenue of 869 million yuan in 2023, a 115.48% increase year-on-year [3]. - The average price of products has increased by 17% year-on-year, driven by the introduction of differentiated technology products [3].