短期承压，期待改善

Investment Rating - The report maintains an "Accumulate" rating for the company, with a current price of 10.44 CNY and a fair value of 11.35 CNY [3]. Core Views - The company is experiencing short-term operational pressure, with a decline in both revenue and profit for the year. The total revenue for 2023 was 9.61 billion CNY (YoY -5.5%), and the net profit attributable to shareholders was 390 million CNY (YoY -26.6%) [2][12]. - The report anticipates a recovery in performance, projecting net profit growth of 11.8%, 12.0%, and 10.0% for 2024, 2025, and 2026, respectively [12]. Summary by Sections Financial Performance - In 2023, the gross margin was 25.9% (YoY -3.2pct), and the net margin was 4.0% (YoY -1.2pct). The fourth quarter of 2023 saw a revenue of 2.83 billion CNY (YoY -12.9%) and a net profit of 30 million CNY (YoY +0.9%) [2]. - The company’s revenue from food processing machines in H2 2023 was 1.68 billion CNY (YoY -4.4%), while revenue from Western-style appliances was 1.37 billion CNY (YoY +22.7%) [2]. Market Dynamics - The report highlights that external sales are significantly outperforming domestic sales, with external sales in H2 2023 reaching 1.32 billion CNY (YoY +85.5%) compared to domestic sales of 3.98 billion CNY (YoY -16.4%) [2]. - The company is expected to benefit from a strong product innovation capability and channel strength, which supports the positive outlook for future growth [12]. Valuation - The report assigns a 20x PE ratio for 2024, leading to a fair value estimate of 11.35 CNY per share [12].