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Investment Rating - The report maintains a "Buy" rating for the company, with an expected stock performance exceeding the market by more than 15% over the next 12 months [5][6]. Core Views - The company is experiencing weakened domestic demand, with revenue and profit growth slowing down, although slightly better than preliminary reports. The annual revenue increased by 15.2% year-on-year, with a gross margin increase of 0.1 percentage points [10][19]. - The report highlights that the company's net profit for the year was 1.3 billion yuan, reflecting a year-on-year decrease of 11.1%, with a net profit margin of 9.3%, down 3.2 percentage points year-on-year [19][20]. - Despite the challenges in domestic sales, the company has shown impressive growth in overseas markets, particularly in kitchen small appliances, with significant revenue increases in specific product categories [19][20]. Financial Summary - The company's total revenue for 2023 was 4.712 billion yuan, with a year-on-year growth rate of 14.4%. The projected revenue for 2024 is 5.202 billion yuan, indicating a growth rate of 10.4% [20]. - The report forecasts a net profit of 486 million yuan for 2024, with a year-on-year growth of 9.2%, and anticipates continued growth in subsequent years [20]. - Key financial ratios include a return on equity (ROE) of 16.3% for 2023, expected to decrease slightly to 15.1% in 2024 [20]. Product Performance - The report details revenue performance by product category, noting that kitchen small appliances generated 3.5 billion yuan in revenue, a year-on-year increase of 5.6%, while other categories showed varied performance [19][20]. - The company’s strategy of focusing on premium products is expected to yield positive results, with a projected reasonable value of 61.98 yuan per share based on a 20x price-to-earnings ratio for 2024 [19][20]. Market Outlook - The report expresses optimism about the company's long-term growth potential, particularly as it continues to lead in the small appliance sector, despite short-term pressures from competition and market conditions [19][20].