外销收入高增，AIoT应用增强用户粘性

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 21.304 billion yuan in 2023, a year-on-year increase of 5.62%, and a net profit attributable to shareholders of 2.180 billion yuan, up 5.42% year-on-year. The fourth quarter of 2023 saw a revenue of 5.937 billion yuan, growing 14.40% year-on-year, and a net profit of 818 million yuan, increasing 7.75% year-on-year [1]. - The company experienced significant growth in export revenue, with a year-on-year increase of 19.28%, while domestic sales remained stable with a growth of 0.88%. The appliance segment showed a strong performance, with cooking appliances and food preparation appliances achieving revenue of 8.892 billion yuan and 3.484 billion yuan, respectively, marking increases of 4.53% and 12.87% year-on-year [1][2]. - The company's profitability remained stable, with a gross margin of 26.30% for 2023, up 0.52 percentage points year-on-year, attributed to improved product mix and lower raw material prices. The net profit margin for 2023 was 10.23%, slightly down by 0.01 percentage points year-on-year [1]. Financial Summary - The company is projected to achieve net profits of 2.368 billion yuan, 2.611 billion yuan, and 2.902 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 8.6%, 10.3%, and 11.1% [2][3]. - The earnings per share (EPS) for 2023 was 2.70 yuan, with projections of 2.94 yuan, 3.24 yuan, and 3.60 yuan for the following three years [3]. - The company's total revenue is expected to reach 23.160 billion yuan in 2024, with a growth rate of 8.7% year-on-year, and further increase to 25.508 billion yuan and 28.112 billion yuan in 2025 and 2026, respectively [3][4].