外销收入高增，“利润蓄水池”充足

Investment Rating - The report maintains an "Accumulate" investment rating for the company [25][29]. Core Views - The company achieved a total revenue of 24.248 billion yuan in 2023, representing a year-on-year growth of 19.95%. The net profit attributable to shareholders reached 741 million yuan, a significant increase of 203.04% [14]. - The company is expected to continue its growth trajectory, with projected net profits of 906 million yuan, 1.053 billion yuan, and 1.195 billion yuan for 2024, 2025, and 2026 respectively, indicating growth rates of 22.3%, 16.2%, and 13.4% [29]. Financial Summary - Revenue growth rates are forecasted at 15.1% for 2024, 12.6% for 2025, and 10.1% for 2026 [9]. - The company's gross margin for 2023 was reported at 13.94%, with a net margin of 3.19% [15]. - The earnings per share (EPS) for 2023 was 0.72 yuan, with projections of 0.88 yuan, 1.02 yuan, and 1.16 yuan for the following years [9][29]. - The price-to-earnings (P/E) ratio is expected to decrease from 12.9 in 2023 to 8.0 by 2026, indicating a potentially undervalued stock [9]. Sales Performance - The company experienced a significant increase in external sales, with a 46.52% growth in revenue from international markets in 2023 [7]. - The cash received from sales of goods increased by 18% in Q4 2023, indicating healthy sales performance [8]. Inventory and Cash Flow - Inventory and contract liabilities grew rapidly, with inventory increasing by 18% year-on-year as of Q4 2023 [8]. - The company reported a cash dividend total of 309 million yuan for 2023, with a payout ratio of 41.7% [14]. Profitability Metrics - The report highlights a significant improvement in net profit margins, driven by non-recurring gains and effective cost management [15]. - The company's return on equity (ROE) is projected to reach 14.3% by 2026, up from 12.5% in 2023 [9]. Market Position - The company is positioned well within the white goods industry, benefiting from ongoing reforms and efficiency improvements [29]. - The total market capitalization is reported at approximately 9.57 billion yuan, with a total share count of 1.03 billion shares [25].