外销增速亮眼，内销静待复苏

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market by more than 15% over the next 12 months [5]. Core Insights - The company has shown strong growth in external sales, with a year-on-year increase of 68.79% in external revenue, while internal sales have declined by 16.68% [1]. - The company’s revenue for 2023 is reported at 96.13 billion yuan, a decrease of 5.54% year-on-year, with a net profit of 3.89 billion yuan, down 26.58% year-on-year [14]. - The company is expected to see a positive revenue growth in Q4, driven by external sales, while internal sales remain under pressure [1]. Revenue Breakdown - In 2023, the revenue from food processing machines, nutrition pots, Western small appliances, and cookware was 29.40, 36.97, 23.06, and 4.21 billion yuan respectively, with year-on-year changes of -10.18%, -0.24%, +2.60%, and -33.66% [1]. - Online and offline channel revenues for 2023 were 52.13 billion yuan and 44.00 billion yuan, reflecting a year-on-year change of -15.37% and +9.53% respectively [1]. - The company’s revenue from internal and external sales was 73.74 billion yuan and 22.39 billion yuan, with year-on-year changes of -16.68% and +68.79% respectively [1]. Profitability and Financial Metrics - The company’s gross profit margin for 2023 was 25.86%, a decrease of 3.23 percentage points year-on-year [14]. - The net profit margin for 2023 was 4.05%, down 1.16 percentage points year-on-year [14]. - The report projects earnings per share (EPS) for 2024-2026 to be 0.60, 0.68, and 0.75 yuan respectively, with corresponding dynamic PE ratios of 17.4, 15.3, and 13.9 [6]. Future Outlook - The company is expected to see a revenue increase of 8.9% in 2024, followed by 7.8% and 7.3% in 2025 and 2026 respectively [10]. - The report anticipates a slight improvement in profitability in Q4, primarily due to a low base effect and the disposal of joint ventures [1].