复苏拐点显现，期待新曲线新成长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 13.50 CNY, reflecting a 25x PE for 2024 [20][18]. Core Insights - The company achieved a revenue of 89.92 billion CNY in 2023, a year-on-year increase of 1.32%, while the net profit attributable to shareholders decreased by 11.58% to 5.16 billion CNY [14][15]. - The gross margin improved to 22.31% in 2023, up by 2.17 percentage points, primarily due to effective control of raw material costs and improvements across various segments including home appliances, power tools, and new energy [4][16]. - The company is focusing on international expansion and enhancing operational efficiency, with a notable increase in the number of key customers, which now accounts for 86% of total revenue [15][16]. Financial Summary - Revenue projections for 2024-2026 are 105.0 billion CNY, 126.15 billion CNY, and 152.13 billion CNY, with respective growth rates of 16.77%, 20.13%, and 20.60% [18][19]. - The net profit forecasts for the same period are 6.82 billion CNY, 9.11 billion CNY, and 12.08 billion CNY, with growth rates of 32.4%, 33.6%, and 32.5% respectively [18][19]. - The company’s EPS is expected to rise from 0.54 CNY in 2024 to 0.95 CNY in 2026, indicating a strong growth trajectory [18][19].