业绩符合预期，看好公司长期成长

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's performance in 2023 met expectations, with a revenue of 3.2 billion RMB, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 410 million RMB, up 41.4% year-on-year [4]. - The report highlights strong growth in the frozen cabinet segment, driven by industry demand and successful customer expansion, while the supermarket display cabinet segment showed weaker performance due to reduced orders from some clients at the beginning of the year [4]. - The company is expected to continue benefiting from its export growth and strategic partnerships with major clients, as well as the increasing contribution from its intelligent cabinet business [4]. Summary by Sections Performance Overview - In 2023, the company achieved a revenue of 3.2 billion RMB, with a net profit of 410 million RMB and a non-recurring net profit of 390 million RMB, reflecting year-on-year growth rates of 10.3%, 41.4%, and 40.6% respectively [4]. - The fourth quarter saw a revenue of 710 million RMB, a 20.2% increase year-on-year, and a net profit of 60 million RMB, up 140.1% year-on-year [4]. Product Analysis - Revenue from frozen, refrigerated, supermarket, and intelligent cabinets for 2023 was 2.08 billion, 570 million, 220 million, and 180 million RMB, with year-on-year growth rates of 17.9%, 5.1%, -30.6%, and 9.5% respectively [4]. - The frozen cabinet segment showed significant growth due to strong demand and effective customer acquisition, while the supermarket display cabinet segment faced challenges early in the year but is expected to recover [4]. Regional Performance - Domestic and international sales were 2.14 billion and 970 million RMB, with year-on-year growth of 0.2% and 47.8% respectively, indicating strong international sales growth [4]. Profitability - The company's gross margin improved to 29.7%, a 6.0 percentage point increase year-on-year, driven by lower raw material prices and product mix optimization [4]. - The net profit margin reached 12.9%, up 2.4 percentage points year-on-year, reflecting enhanced profitability [4]. Future Outlook - The company is expected to achieve net profits of 480 million, 570 million, and 670 million RMB for 2024-2026, with year-on-year growth rates of 16.1%, 18.3%, and 17.4% respectively [4]. - The current price corresponds to a PE ratio of 13.0, 11.0, and 9.4 for 2024-2026 [4].