Q4靓丽，24年需求乐观

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [8][7]. Core Views - The company is expected to see strong demand in 2024, continuing the recovery of orders that began in Q2 2023 due to overseas clients de-stocking [2][6]. - The company has a competitive edge in the kitchen and bathroom water purification sector, with established partnerships in overseas markets and a focus on building its brand through cross-border e-commerce [6][15]. - The financial performance for 2023 shows a revenue of 4.33 billion, a year-on-year increase of 3.5%, but a decline in net profit by 7.3% to 420 million, attributed to reduced foreign exchange gains [5][3]. Financial Summary - In 2023, the company achieved a gross margin of 26.0%, up 1.7 percentage points year-on-year, while the net margin was 9.8%, down 1.2 percentage points [3][14]. - The company’s revenue for Q4 2023 was 1.244 billion, a year-on-year increase of 47.3%, with a net profit of 130 million, up 33.7% [32]. - The projected net profits for 2024-2026 are 480 million, 570 million, and 650 million respectively, with corresponding P/E ratios of 12, 10, and 9 times [15][16]. Product and Market Position - The company has established a multi-channel approach in overseas markets, partnering with major retailers like Lowe's and Home Depot, which is expected to drive revenue growth [6][15]. - The company is enhancing its local service capabilities in the U.S. to strengthen customer relationships and is expected to benefit from a recovery in the U.S. real estate market [15][33]. Cost and Expense Management - The report indicates that the company’s selling, administrative, R&D, and financial expense ratios for 2023 were 3.5%, 6.0%, 5.5%, and -0.4% respectively, with slight increases in selling and administrative expenses [3][12].