经营表现稳健，分红率维持高水平

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 67.13 yuan for the next six months [4]. Core Views - The company reported a revenue of 21.3 billion yuan in 2023, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 2.18 billion yuan, up 5.4% year-on-year. The fourth quarter showed a significant improvement in both domestic and foreign sales [4][5]. - The company maintains a high dividend payout ratio of 99.8%, with a cash dividend of 27.30 yuan per 10 shares, resulting in a dividend yield of 4.7% based on the closing price on March 29, 2024 [4][5]. Financial Performance Summary - Revenue and Profit Growth: In Q4, the company achieved a revenue of 5.94 billion yuan, a year-on-year increase of 14.4%, and a net profit of 820 million yuan, up 7.8% year-on-year. The overall revenue for 2023 was 21.3 billion yuan, with a net profit of 2.18 billion yuan [4][8]. - Sales Performance: Domestic sales showed steady performance, while foreign sales experienced significant growth, particularly due to increased transactions with SEB, which raised its purchase limit to 5.92 billion yuan, a 26.7% increase from the previous year [4][8]. - Gross Margin Improvement: The gross margin for Q4 was 28.6%, an increase of 2.6 percentage points year-on-year, attributed to improved product mix and cost efficiency [4][8]. - Net Profit Margin: The net profit margin for Q4 was 13.8%, a slight decrease of 0.8 percentage points year-on-year, primarily due to a one-time tax adjustment in the previous year [4][8]. - Cash Flow: The operating cash flow for Q4 was 870 million yuan, a year-on-year decrease of 23.1%, mainly due to increased procurement expenses [4][8]. Future Outlook - The company is expected to benefit from ongoing optimization of its product structure and sales channels, as well as the global order transfer from its parent company, SEB. The projected earnings per share (EPS) for 2024, 2025, and 2026 are 3.05, 3.52, and 3.95 yuan, respectively [4][8].