业绩贴近预告上限，库存水平创近年低点

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 58.99 [1]. Core Insights - The company reported a revenue of 4.715 billion yuan in 2023, representing a year-on-year growth of 16.66%. The net profit attributable to shareholders was 1.151 billion yuan, up 47.55% year-on-year, and the net profit excluding non-recurring items was 1.083 billion yuan, increasing by 54.70% [2][3]. - The fourth quarter showed strong performance, with revenue reaching 1.287 billion yuan, a year-on-year increase of 29.30%, and a net profit of 367 million yuan, up 37.48% year-on-year [2]. - The company achieved a gross margin of 70.2% in 2023, an increase of 1.94 percentage points from the previous year, and a net margin of 24.4%, up 5.13 percentage points year-on-year [2][3]. - The company has effectively managed its inventory and receivables, with inventory levels at a recent low of 10.1 billion yuan, down 18.3% from the previous year, and accounts receivable at 4.4 billion yuan, down 20.4% [2][3]. Financial Performance Summary - The company’s revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 5.776 billion yuan (2024), 6.874 billion yuan (2025), 8.085 billion yuan (2026), with growth rates of 22.50%, 19.01%, and 17.61% respectively [1][3]. - Net profit: 1.452 billion yuan (2024), 1.751 billion yuan (2025), 2.104 billion yuan (2026), with growth rates of 26.20%, 20.55%, and 20.16% respectively [1][3]. - The company’s earnings per share are projected to be 2.26 yuan in 2024, 2.72 yuan in 2025, and 3.27 yuan in 2026 [1][3]. Operational Efficiency - The company has improved its operational efficiency, with a decrease in various expense ratios, including sales, management, and financial expenses [2][3]. - The report highlights the positive impact of ongoing reforms and internal cost controls on profit margins [2][3].