新兴品类显著贡献收入增速，公司降本增效成果初现

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [4]. Core Insights - The company achieved a revenue of 4.71 billion yuan in 2023, representing a year-on-year growth of 14.43%, and a net profit attributable to the parent company of 445.31 million yuan, up 15.26% year-on-year [12][13]. - Emerging product categories and channels significantly contributed to revenue growth, with notable increases in sales from electric kitchen appliances and other small electrical products [12][13]. - The company is actively pursuing cost reduction and efficiency improvements, leading to a sequential increase in profit margins [12][13]. Financial Data Summary - Revenue for 2023 is reported at 4,711.89 million yuan, with a growth rate of 14.43% [14]. - The net profit attributable to the parent company for 2023 is 445.27 million yuan, reflecting a growth rate of 15.26% [14]. - The company’s gross margin for 2023 is 36.61%, with a net margin of 9.45% [12][13]. - The earnings per share (EPS) for 2023 is 2.84 yuan, with a projected P/E ratio of 19.01 [14]. Revenue Breakdown - The company’s revenue from electric kitchen appliances grew by 18.2%, while other small electrical products saw a growth of 67.5% [12][13]. - Domestic sales increased by 10.3%, while export sales surged by 105.7% [12][13]. - Offline sales channels experienced a growth of 41.2%, indicating a shift in consumer purchasing behavior [12][13]. Profitability and Cost Management - The company’s operating expenses have been optimized, with sales, management, and R&D expense ratios showing improvements in Q4 2023 [12][13]. - The net profit margin improved sequentially from 8.07% in Q3 2023 to 9.31% in Q4 2023 [12][13]. Cash Flow and Balance Sheet - The net cash flow from operating activities for 2023 was 6.85 billion yuan, an increase of 11.64% year-on-year [12][13]. - The company’s total assets reached 5,386.29 million yuan in 2023, with a total liability of 2,649.85 million yuan [7][14].