supor(002032) EBSCN·2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 21.304 billion yuan in 2023, representing a year-over-year increase of 5.62%, with a net profit of 2.180 billion yuan, up 5.42% year-over-year [4] - The company experienced significant growth in exports, with export revenue reaching 6.196 billion yuan, a year-over-year increase of 19% [5] - The gross profit margin improved to 26.3%, an increase of 0.52 percentage points year-over-year, attributed to product structure optimization and cost management [5] Summary by Sections Revenue Performance - The company reported a total revenue of 213.04 billion yuan for 2023, with a notable increase in Q4 revenue to 59.37 billion yuan, up 14.39% year-over-year [4] - Domestic sales reached 151.08 billion yuan, growing by 0.88% year-over-year despite industry challenges [5] Profitability - The net profit margin for 2023 was 10.2%, with a slight decrease of 0.02 percentage points year-over-year [5] - The company plans to increase R&D investment, with the R&D expense ratio slightly decreasing to 2.0% [5] Market Position - The company has strengthened its market share in both online and offline channels, with online market share increasing by 24 percentage points year-over-year [5] - The company has expanded its product offerings, including new categories like semi-automatic coffee machines [5] Future Outlook - The report projects net profits of 2.37 billion yuan for 2024 and 2.58 billion yuan for 2025, with a new forecast for 2026 at 2.80 billion yuan [5] - The current price corresponds to a price-to-earnings ratio of 20, 18, and 17 for the years 2024, 2025, and 2026 respectively [5]