国外冷冻展示柜快速增长，毛利率改善明显

Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Insights - In 2023, the company achieved revenue of 3.2 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 410 million yuan, up 41.4% year-on-year [1]. - The company reported a cash dividend of 210 million yuan, with a payout ratio of 51% [1]. - The company is focusing on expanding its overseas business, which is expected to continue its rapid growth [7][19]. Financial Performance - The company’s revenue for Q4 2023 was 710 million yuan, representing a year-on-year growth of 20.2%, with a net profit of 60 million yuan, up 140.1% year-on-year [1]. - The company’s gross margin improved by 6 percentage points to 29.7% in 2023, driven by an increase in overseas business and a decrease in raw material prices [19]. - The company’s net profit margin increased by 2.8 percentage points to 12.9% in 2023, indicating a significant improvement in profitability [19]. Revenue Breakdown - The company sold 1.304 million units of frozen display cabinets in 2023, a year-on-year increase of 12.2%, generating revenue of 2.08 billion yuan, up 17.9% [19]. - Revenue from refrigerated display cabinets was 570 million yuan, a 5.1% increase year-on-year, while revenue from supermarket display cabinets decreased by 30.6% to 220 million yuan [19]. - The company’s revenue from smart vending machines reached 1.76 billion yuan, a year-on-year increase of 9.5% [19]. Future Projections - The company is projected to achieve revenues of 3.52 billion yuan, 3.9 billion yuan, and 4.29 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 9.94%, 10.78%, and 10% [20]. - The earnings per share (EPS) are expected to be 1.25 yuan, 1.38 yuan, and 1.56 yuan for the years 2024, 2025, and 2026, respectively [20].