23年经营稳健，出海收购+设备更新开启新一轮成长

Investment Rating - The report maintains a "Buy" rating for the company [13][18]. Core Views - The company achieved a revenue of 4.972 billion yuan in 2023, representing an increase of 8.02%, and a net profit attributable to shareholders of 659 million yuan, up by 15.67% [2]. - The company is positioned as a leading integrated fire safety provider, with a strong competitive edge in the market [13][20]. - The report highlights the company's robust growth in various business segments, including overseas markets, which saw significant revenue increases [12]. Financial Performance Summary - The company's revenue growth rates for 2023 Q1 to Q4 were 11.38%, 9.23%, 2.57%, and 10.79%, respectively, indicating stable growth [12]. - The net profit growth rates for the same quarters were 16.15%, 23.47%, 21.57%, and -0.08%, with a notable slowdown in Q4 [12]. - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, with a payout ratio of approximately 39.51% [2]. Business Segment Analysis - The general fire alarm business maintained stable growth, with the "Jiuyuan" brand revenue increasing by approximately 27% [12]. - The overseas business experienced rapid growth, with the Canadian brand Maple Armor's revenue increasing by about 60% and the Spanish brand Detnov by around 20% [12]. - The emergency lighting and intelligent evacuation business generated revenue of 1.112 billion yuan, up by 7.27% year-on-year [12]. Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 784 million yuan, 915 million yuan, and 1.079 billion yuan, respectively, with corresponding EPS of 1.03, 1.21, and 1.42 yuan [13]. - The company is expected to benefit from the increasing importance of fire safety, especially in the context of frequent fire incidents [13].