Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company's 2023 performance was generally in line with expectations, with revenue of 11.168 billion RMB, down 8.0% year-on-year, and net profit of 1.645 billion RMB, down 34.5% year-on-year [5] - The U.S. market showed a rebound in TOB revenue, which reached 4.084 billion RMB, an increase of 8% year-on-year, despite challenges in the pod-based segment due to regulatory impacts [5] - The company is expected to benefit from compliance measures that will enhance its market share in the long term [5] - The European market continues to see strong growth in disposable e-cigarettes, with a projected high double-digit growth rate for 2023 [5] - Domestic sales showed a sequential improvement, although revenue was significantly down by 92% year-on-year due to low penetration of new tobacco standards and illegal market impacts [5] Financial Data and Profit Forecast - The company reported a revenue of 11,177 million RMB in 2023, with a forecasted increase to 12,803 million RMB in 2024, representing a year-on-year growth of 14.5% [6] - Net profit for 2023 was 1,645 million RMB, with projections of 1,797 million RMB in 2024, reflecting a growth of 9.2% [6] - The earnings per share (EPS) for 2023 was 0.27 RMB, with an expected increase to 0.29 RMB in 2024 [6] - The price-to-earnings (PE) ratio for 2024 is projected at 20.6 times, indicating a relatively low valuation compared to peers [6] Market Position and Competitive Advantage - The company has established a strong competitive position through years of technological iteration and product development, supported by patent protection and deep ties with global clients [5] - The ongoing investment in R&D, particularly in the medical aerosol field, is expected to yield commercial results, enhancing the company's long-term growth prospects [5]
2023年业绩点评：海外市场稳健增长，新业务有序发展