Investment Rating - The report maintains a rating of "Buy" for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [2][8]. Core Insights - The company reported a revenue of 11.168 billion yuan in 2023, a year-on-year decrease of 8.0%, and a net profit of 1.566 billion yuan, down 37.2% year-on-year [4]. - The overseas market showed robust growth, particularly in the U.S. and Europe, while the domestic market faced significant challenges due to regulatory changes [4][5]. - The company has maintained high R&D investment, reaching 1.483 billion yuan in 2023, which has helped sustain its technological advantage in the vaping industry [5]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023E Revenue: 11,168 million yuan, down 8.0% YoY - 2024E Revenue: 12,378 million yuan, expected growth of 10.8% - 2025E Revenue: 13,597 million yuan, expected growth of 9.8% - 2023E Net Profit: 1,645 million yuan, down 34.5% YoY - 2024E Net Profit: 1,744 million yuan, expected growth of 6.0% - 2025E Net Profit: 1,831 million yuan, expected growth of 5.0% [3][4][5]. - Earnings Per Share (EPS): - 2023E EPS: 0.27 yuan - 2024E EPS: 0.28 yuan - 2025E EPS: 0.30 yuan [3][5]. - Valuation Ratios: - 2023E P/E: 23.3 - 2024E P/E: 22.0 - 2025E P/E: 21.0 - 2023E P/B: 1.8 - 2024E P/B: 1.7 - 2025E P/B: 1.5 [3][5]. Market Dynamics - The company has seen a significant increase in its disposable product revenue, which grew by 74.5% year-on-year, indicating a shift in product mix [4][5]. - The U.S. market contributed 4.084 billion yuan in revenue, up 8.2% year-on-year, while the European market generated 5.074 billion yuan, up 8.9% year-on-year [4]. - The domestic market faced a drastic decline, with revenue dropping by 92.7% to 163 million yuan due to new regulations and taxes affecting demand [4][5].
海外一次性增长靓丽，高研发投入保持技术优势