2023年年报点评：外销拖动增长，内销有待复苏

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9]. Core Insights - The company's revenue for 2023 was 9.61 billion, a decrease of 5.5% year-on-year, with a net profit attributable to the parent company of 389 million, down 26.6% [9]. - The company experienced a significant increase in export sales, which grew by 68.8% to 2.24 billion in 2023, while domestic sales faced challenges, leading to a 16.7% decline in domestic revenue to 7.37 billion [9]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares (tax included) [9]. Financial Performance Summary - The company's Q4 revenue was 2.83 billion, down 12.9%, but the net profit attributable to the parent company was stable at 30 million, up 0.9% [9]. - The gross margin for 2023 decreased by 3.2 percentage points to 25.9%, primarily due to changes in the sales structure [9]. - The company expects net profits for 2024-2026 to be 480 million, 550 million, and 620 million respectively, with year-on-year growth rates of 24%, 14%, and 12% [9]. Market Trends - The domestic kitchen small appliance market saw a retail sales decline of 9.6% in 2023, with specific categories like air fryers experiencing a 46% drop [9]. - The company’s strong categories, such as blenders and air fryers, faced significant declines, impacting overall domestic sales [9]. - The company’s collaboration with SharkNinja is expected to continue driving growth, with projected sales to SharkNinja increasing by 50% in 2024 [9].