经营表现稳健，分红率维持高水平（更正）

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 67.13 CNY for the next six months [4][6]. Core Views - The company reported a stable operating performance with a revenue of 21.3 billion CNY in 2023, reflecting a year-on-year increase of 5.6%. The net profit attributable to shareholders was 2.18 billion CNY, up 5.4% year-on-year. The fourth quarter showed significant improvement in export business and continued growth in domestic sales [2][3]. - The company maintains a high dividend payout ratio of 99.8%, with a cash dividend of 27.30 CNY per 10 shares, resulting in a dividend yield of 4.7% based on the closing price on March 29, 2024 [3][4]. Financial Performance Summary - Revenue and Profit: In Q4, the company achieved a revenue of 5.94 billion CNY, a year-on-year increase of 14.4%, and a net profit of 820 million CNY, up 7.8% year-on-year [2]. - Gross Margin: The gross margin for Q4 was 28.6%, an increase of 2.6 percentage points year-on-year, attributed to improved product mix and increased direct sales [2][8]. - Net Profit Margin: The net profit margin for Q4 was 13.8%, a slight decrease of 0.8 percentage points year-on-year, mainly due to a one-time tax adjustment in the previous year [2][8]. - Cash Flow: The operating cash flow for Q4 was 870 million CNY, down 23.1% year-on-year, primarily due to increased procurement expenses [2][8]. Future Earnings Estimates - The company is expected to see continued growth in revenue and net profit, with projected earnings per share (EPS) of 3.05 CNY, 3.52 CNY, and 3.95 CNY for 2024, 2025, and 2026 respectively [3][12]. - The projected revenue for 2024 is 22.97 billion CNY, with a net profit of 2.46 billion CNY, indicating a growth trajectory [7][12]. Market Position - The company is recognized as a leading player in the kitchen small appliance sector in China, benefiting from the global order transfer from its parent company, SEB Group, which is expected to support revenue and performance growth [3][4].