23Q4营收增速转正，关注硬质保温箱产品盈利改善

Investment Rating - The report maintains a "Buy-B" rating for the company [1][20]. Core Views - In Q4 2023, the company's revenue growth turned positive, driven by improvements in the hard insulation box product line and the conclusion of inventory destocking by downstream customers of traditional inflatable mattress products [1][20]. - The company reported a total revenue of 823 million yuan in 2023, a year-on-year decrease of 12.95%, and a net profit attributable to shareholders of 131 million yuan, down 38.64% year-on-year [1][20]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 1.25, 1.47, and 1.69 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.1, 12.9, and 11.2 times based on the closing price on March 28, 2024 [1][20]. Revenue and Profitability - The company's revenue for Q1 to Q4 of 2023 was 240 million, 290 million, 141 million, and 152 million yuan respectively, showing a decline of 27.23%, 5.12%, 15.80%, and a growth of 6.7% in Q4 [1][20]. - The gross profit margin for the company decreased by 2.8 percentage points to 33.8% in 2023, with quarterly margins of 37.91%, 33.81%, 30.23%, and 30.81% [1][20]. - The company’s net profit margin for 2023 was 15.87%, down 6.65 percentage points year-on-year [1][20]. Product Performance - The inflatable mattress product line saw a year-on-year increase in gross margin, while the hard insulation box products from Cambodia began to be shipped in bulk, contributing to revenue growth [1][20]. - Revenue from product categories such as inflatable beds, bags, and cushions showed varied performance, with the bag category experiencing growth due to the new product launches in Cambodia [1][20]. Financial Forecasts - The report provides a financial outlook with projected revenues of 946 million, 1,116 million, and 1,288 million yuan for 2024, 2025, and 2026 respectively, indicating a recovery in growth [1][20]. - The company’s total assets are expected to grow from 2,156 million yuan in 2023 to 2,733 million yuan by 2026 [1][20].