快速完成主业聚焦，产品结构升级提升利润水平

Investment Rating - The report maintains an "Accumulate" rating for the company [2][11]. Core Views - The company focuses on its core business, with a significant increase in the sales of commercial and variable frequency compressors, which are expected to enhance profitability in the medium to long term [11][31]. - The company has experienced a decline in revenue due to a significant drop in the raw materials and components business, but the core compressor business has shown good growth [11][13]. - The company plans to exit the vacuum cleaner business in January 2024 to concentrate resources on strengthening its competitive advantages [13]. Financial Performance - In 2023, the company achieved revenue of 12.89 billion yuan, a year-on-year decrease of 1.58%, while the net profit attributable to the parent company was 360 million yuan, an increase of 37.8% [6][11]. - The company’s gross margin for 2023 was 13.22%, up 2.48 percentage points year-on-year, and the net margin was 4.12%, up 0.93 percentage points year-on-year [31]. - The company reported a significant asset impairment loss of 110 million yuan in 2023, primarily due to inventory write-downs and fixed asset impairments [9][31]. Business Segmentation - Revenue from various business segments in 2023 showed mixed results: refrigerator compressors decreased by 0.53%, raw materials and components by 15.36%, vacuum cleaners increased by 203.3%, batteries decreased by 30.7%, and new energy vehicle air conditioning compressors increased by 33.9% [7][11]. - The sales volume of commercial compressors reached 8.34 million units in 2023, a year-on-year increase of 14%, while variable frequency compressors sold 17.91 million units, up 10% year-on-year [8][11]. Future Outlook - The company has adjusted its revenue growth forecast, expecting net profits attributable to the parent company to be 440 million yuan in 2024, 500 million yuan in 2025, and 530 million yuan in 2026 [11][30]. - The company aims to ensure the production and sales of refrigerator compressors at 75 million units in 2024, with a target of 77 million units [15].