四季度自主品牌压力延续，盈利能力稳定改善

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 7.95 CNY [2][20][30] Core Views - The company is expected to achieve a net profit attributable to shareholders of 0.80 billion CNY in 2024, 0.91 billion CNY in 2025, and 1.02 billion CNY in 2026, with corresponding EPS of 0.24 CNY, 0.28 CNY, and 0.31 CNY respectively [20][30] - The company is positioned as a high-end kitchen lifestyle brand, leveraging industrial design capabilities and a high-quality supply chain to enhance product strength [20] - The report highlights the company's ongoing efforts to improve profitability through cost reduction and efficiency enhancement, with a gross margin of 54.5% in Q4 2023, an increase of approximately 3 percentage points year-on-year [38] Financial Summary - Revenue for 2022 was 805 million CNY, with a decline of 5.0% year-on-year, while 2023 revenue is projected at 665 million CNY, a decrease of 17.3% [8][12] - Operating profit for 2022 was 50 million CNY, with a significant decline of 58.5%, while 2023 operating profit is expected to rise to 79 million CNY, reflecting a growth of 58.8% [8][12] - The net profit attributable to the parent company for 2022 was 47 million CNY, down 56.7%, with a forecasted increase to 71 million CNY in 2023, representing a growth of 51.9% [8][12] - The company’s gross margin is projected to be 51.4% in 2024, with a net margin of 11.2% [8][12] Market Performance - The company's stock price performance shows a relative decline of 15.45% in March 2024 and a year-to-date performance of -23.55% [2][19] - The stock's 52-week high and low are 11.19 CNY and 5.5 CNY respectively, indicating significant volatility [2]