Q4收入业绩加速增长

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 18.73 CNY over the next six months, corresponding to a 16X PE for 2024 [8][21]. Core Views - The company is a leading player in the domestic commercial refrigeration industry, with strong product R&D capabilities and flexible manufacturing processes. The report anticipates continued revenue growth driven by new customer acquisitions and increased deployment of smart cabinets [8][24]. - In 2023, the company achieved a revenue of 3.2 billion CNY, representing a year-over-year increase of 10.3%, and a net profit of 410 million CNY, up 41.4% year-over-year [24][25]. - The report highlights a significant acceleration in revenue growth in Q4 2023, with a 20.2% year-over-year increase, and a notable improvement in net profit margin to 8.1%, up 4.1 percentage points year-over-year [25][24]. Financial Performance Summary - Revenue growth rates are projected at 10.1% for 2024, with expected revenues ranging from 3.2 to 3.55 billion CNY [24]. - The company’s earnings per share (EPS) are forecasted to be 1.17 CNY in 2024, increasing to 1.42 CNY by 2026 [8][23]. - The report indicates a robust cash flow position, with operating cash flow net amount increasing significantly in Q4 due to rapid sales growth and improved collection of receivables [8][25]. Revenue Breakdown - In Q4 2023, the revenue from frozen cabinets increased by 18% year-over-year, while revenue from refrigerated cabinets grew by 5%. However, revenue from supermarket cabinets declined by 31% due to client-specific business changes [7][24]. - The report notes a strong recovery in overseas demand, with export revenue increasing by 41% year-over-year, while domestic sales remained stable [7][8]. Dividend Policy - The company plans to distribute a total cash dividend of 210 million CNY, which represents 51% of the net profit attributable to ordinary shareholders, an increase of 18 percentage points from the previous year [26].