24Q1超预期，深化IDM战略

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential upside of over 20% within the next six months [16][29]. Core Insights - The company reported a revenue of 2.983 billion yuan for 2023, reflecting a year-on-year decrease of 6.2%. However, the net profit attributable to the parent company increased by 35.3% to 353 million yuan, primarily due to the divestiture of the "Songlin Home" business [21][34]. - The company is focusing on its "IDM hardware category champion incubation platform," emphasizing green, smart, and healthy product characteristics while expanding into beauty health and emerging smart health categories [21][34]. - The beauty and health business saw a remarkable revenue growth of 79% in 2023, driven by the introduction of new products such as beauty showers and beauty devices [3][21]. Financial Performance Summary - For Q1 2024, the company expects a net profit attributable to the parent company between 103 million and 123 million yuan, representing a year-on-year increase of 135.66% to 181.42% [13]. - The company plans to enhance its production capacity through domestic expansions and technological upgrades, while also establishing a factory in Vietnam to meet increasing order demands [4][14]. - The financial forecast for 2024 estimates a net profit of 489.62 million yuan, with a corresponding PE ratio of 15.93 [36][34]. Strategic Developments - The company is transitioning its traditional OEM model to an IDM model for its smart toilet business, aiming to capitalize on the growth potential in this sector [22]. - The divestiture of the "Songlin Home" business is expected to optimize the company's financial statements and focus on core operations [33]. - The company is also enhancing its product offerings in the kitchen and bathroom health sector, which is anticipated to benefit from the recovery of the U.S. real estate market [15][34].