产品结构持续升级，省内外双轮驱动

Investment Rating - The investment rating for the company is "Buy" with a target price of 21.36 yuan, based on a 24x price-to-earnings ratio for 2024 [36][29]. Core Insights - The company reported a total revenue of 2.55 billion yuan for 2023, representing a year-on-year increase of 26.6%. The net profit attributable to the parent company was 329 million yuan, up 17.3% year-on-year [1]. - The product structure has been continuously improving, with significant growth in high-end products. Revenue from products priced above 300 yuan reached 400 million yuan, a 37.1% increase year-on-year, while products priced between 100-300 yuan generated 1.29 billion yuan, up 32.3% year-on-year [1]. - The company has seen a steady increase in market share both domestically and in new regions, with domestic revenue reaching 1.92 billion yuan, a 26.7% increase year-on-year, and revenue from outside the province at 590 million yuan, up 25.9% year-on-year [1]. Financial Summary - The gross profit margin for 2023 was 62.4%, slightly down by 0.4 percentage points year-on-year. The net profit margin was 12.9%, down 1.2 percentage points year-on-year [1]. - The company has adjusted its revenue and gross margin forecasts for 2024-2025, lowering them while increasing the expense ratio. The projected earnings per share for 2024-2026 are 0.89, 1.10, and 1.33 yuan, respectively [36][47]. - The company is expected to maintain a strong growth trajectory, with projected revenues of 3.06 billion yuan in 2024, reflecting a 20% year-on-year growth [34].