公司信息更新报告

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company experienced a revenue decline in 2023, primarily due to a significant drop in the mainland China market, but is expected to recover in the medium to long term due to strong technological barriers and manufacturing advantages [3][5] - The company is focusing on expanding its research and development efforts in the electronic vaporization sector, with new product launches expected to drive growth [6] Revenue Breakdown - In 2023, the company's ToB business revenue was 93.21 billion yuan (down 12.7% YoY), while ToC business revenue was 18.47 billion yuan (up 26.0% YoY) [4] - By region, the company saw a revenue increase in the U.S. market, with ToB sales reaching 40.84 billion yuan (up 8.2% YoY), while revenue from the Chinese market dropped significantly to 1.63 billion yuan (down 92.7% YoY) [4] - The company successfully launched the FEELM Max ceramic atomization core technology platform in Europe and other markets, achieving ToB revenue of 50.74 billion yuan (up 8.9% YoY) [4] Profitability - The company's gross margin decreased by 4.5 percentage points to 38.8% in 2023, attributed to a shift in product mix towards lower-margin disposable products [5] - The net profit margin for 2023 was 14.7%, down 5.9 percentage points YoY, reflecting the impact of product structure adjustments and ongoing investment in expenses [5] Company Outlook - The company plans to continue focusing on the electronic vaporization field while exploring new areas such as medical vaporization and beauty applications, with new product launches expected to enhance growth potential [6]