2023Q4业绩增速靓丽，商用冷冻展示柜收入持续快速增长

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11][24]. Core Views - The company achieved a total revenue of 3.205 billion yuan in 2023, representing a year-on-year growth of 10.34%, and a net profit of 413 million yuan, which is a 41.37% increase year-on-year [1][15]. - The growth in revenue and profit is attributed to the expansion of business scale, optimization of product structure, decline in raw material prices, and foreign exchange gains [2][15]. - The company has launched new products, including smart vending cabinets and frozen product combination cabinets, to meet consumer demands for energy efficiency and intelligence [4][15]. Summary by Sections Financial Performance - In Q4 2023, the company reported total revenue of 707 million yuan, a year-on-year increase of 20.24%, and a net profit of 57 million yuan, reflecting a significant year-on-year growth of 140.08% [2]. - The gross margin for Q4 2023 was 29.34%, up by 4.83 percentage points year-on-year, while the net margin was 7.86%, an increase of 3.81 percentage points year-on-year [3]. - The company’s revenue from commercial frozen display cabinets reached 2.084 billion yuan in 2023, growing by 17.93% year-on-year [2]. Product and Market Development - The company has strengthened its market position in commercial frozen display cabinets and has seen rapid growth in commercial refrigerated display cabinets [4]. - Domestic revenue was stable at 2.138 billion yuan, with a slight increase of 0.05% year-on-year, while overseas revenue surged to 971 million yuan, a year-on-year increase of 41.02% [2]. - The company continues to expand its overseas market presence, particularly in the commercial frozen display cabinet segment [4]. Future Projections - The company is projected to achieve net profits of 486 million yuan, 563 million yuan, and 638 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.26 yuan, 1.46 yuan, and 1.65 yuan [7][15]. - The expected revenue growth rates for the next few years are 15.12% for 2024, 12.03% for 2025, and 11.10% for 2026 [7].