四季度收入转正，毛利率持续受新品拖累

Investment Rating - The investment rating for the company is "Buy" [27][29]. Core Views - The company experienced a revenue decline of 13.0% year-on-year in 2023, with total revenue reaching 820 million yuan, and a net profit decrease of 38.6% to 130 million yuan [1][14]. - The decline in performance is attributed to multiple negative factors, including poor overseas macroeconomic conditions, high inventory levels among downstream customers, and a downturn in domestic camping demand [1][14]. - Despite the challenges, the company is expected to see a gradual improvement in demand and profitability, with a projected net profit of 172 million yuan in 2024, reflecting a year-on-year increase of 31.3% [1][14]. Summary by Sections Financial Performance - In 2023, the company's gross margin decreased by 2.8 percentage points to 33.8%, while the net profit margin fell by 6.6 percentage points to 15.9% [1][14]. - The fourth quarter of 2023 showed a revenue growth of 6.7% year-on-year, reaching 150 million yuan, although the gross margin is expected to decline to 30.8% due to product mix changes and capacity ramp-up [1][14]. Product and Regional Performance - Revenue from inflatable mattresses, outdoor bags, and pillows decreased by 25.2%, increased by 22.5%, and decreased by 19.3% respectively in 2023 [1][14]. - The outdoor bag segment performed well, primarily due to increased sales of insulated boxes from Cambodia, although this segment's gross margin declined by 6.2 percentage points [1][14]. - Revenue from exports and domestic sales fell by 7.6% and 29.1% respectively, with gross margins decreasing to 35.6% and 27.0% [1][14]. Future Outlook - The company anticipates that the negative factors impacting performance will gradually diminish, with a recovery in revenue expected as inventory issues among downstream brands are resolved [1][14]. - The company maintains a positive outlook for new product launches and capacity ramp-up, which are expected to improve profitability in the coming years [1][14]. - The reasonable valuation range has been adjusted to 21.8-24.2 yuan, down from the previous range of 28.3-29.8 yuan, corresponding to a 2024 price-to-earnings ratio of 18-20x [1][14].