23Q4收入恢复增长，期待24年需求复苏及盈利改善

Investment Rating - The investment rating for the company is "Buy" with a target price of 18.96 CNY, maintained for the next six months [1][5]. Core Views - The company experienced a revenue recovery in Q4 2023, with expectations for demand recovery and profit improvement in 2024. Q4 revenue was 152 million CNY, a year-on-year increase of 6.7%, while net profit attributable to the parent company was -3 million CNY, a decrease of 121.7%. The non-recurring net profit improved to 4 million CNY, a significant increase of 465.8% [1][2][16]. Summary by Sections Financial Performance - In 2023, the company's total revenue was 823.32 million CNY, a decrease of 13.0% year-on-year, with a net profit of 130.68 million CNY, down 38.6%. The non-recurring profit was -6.25 million CNY [12][9]. - By product category, airbed revenue was 515 million CNY, down 25.2%, while luggage revenue increased by 22.5% to 156 million CNY. The overall gross margin for 2023 was 33.8%, a decrease of 2.8 percentage points [13][15]. Regional Performance - Revenue from foreign markets was 650 million CNY, down 7.6%, with a gross margin of 35.6%. Domestic revenue was 171 million CNY, down 29.2%, with a gross margin of 27.0% [3]. Profitability and Cost Structure - The total expense ratio for 2023 was 12.7%, an increase of 4.1 percentage points. The sales expense ratio was 2.4%, up 0.9 percentage points, while the management expense ratio was 7.1%, up 1.9 percentage points [4][16]. - The company anticipates a recovery in revenue and profitability in 2024, driven by the end of inventory destocking and successful product category expansion [16]. Future Projections - The company has adjusted its profit forecast, expecting revenues of 948.79 million CNY in 2024, 1,072.51 million CNY in 2025, and 1,203.68 million CNY in 2026. Net profits are projected to be 174.35 million CNY in 2024, 202.51 million CNY in 2025, and 240.40 million CNY in 2026 [16][9].