积极扩张品类，期待2024年收入增长、盈利质量修复

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company experienced a revenue decline of 13% and a net profit decline of 39% in 2023, with revenues of 820 million and net profits of 130 million [3]. - The company is expected to achieve stable revenue growth in 2024, driven by improved orders and enhanced profitability quality [3][15]. - The company is actively expanding its product categories, which is anticipated to contribute to revenue growth in 2024 [3][15]. Financial Performance Summary - 2023 Financials: Revenue decreased by 13% to 820 million, and net profit decreased by 39% to 130 million. Gross margin fell by 2.8 percentage points to 33.8% [3][4]. - 2024 Projections: Expected revenue of 951 million, representing a 15.5% growth, and net profit of 172 million, a 31.4% increase [4]. - Earnings Per Share (EPS): Projected EPS for 2024 is 1.21, up from 0.92 in 2023 [4]. Operational Insights - The company has a diversified customer base, including outdoor sports brands and large supermarkets, with a significant portion of revenue coming from exports [3]. - The company is enhancing its supply chain and production capabilities, with new facilities in Vietnam and Cambodia expected to contribute to future growth [3]. Market Position - The company is positioned as a leading manufacturer in the outdoor products sector, benefiting from a vertically integrated supply chain and strong customer relationships [3][15].