2023年报点评：海外增速提振，新品类快速增长

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a total revenue of 4.712 billion yuan in 2023, representing a year-on-year increase of 14.43%, with a net profit attributable to shareholders of 445 million yuan, up 15.24% year-on-year [1][2] - The company is focused on cost reduction, efficiency improvement, and digital transformation, which are expected to enhance operational efficiency in the long term [2] - The company’s revenue growth is driven by essential product categories and rapid growth in emerging categories, with overseas sales doubling year-on-year [8] Financial Summary - Revenue for 2023 was 4,711.89 million yuan, with projected revenues of 5,297.53 million yuan, 5,921.20 million yuan, and 6,579.68 million yuan for 2024, 2025, and 2026 respectively [12] - The net profit attributable to shareholders for 2023 was 445.27 million yuan, with forecasts of 515.80 million yuan, 579.48 million yuan, and 647.89 million yuan for the following three years [12] - The company’s sales expense ratio, management expense ratio, financial expense ratio, and R&D expense ratio for 2023 were 18.76%, 7.06%, 0.11%, and 3.03% respectively [2] - The company’s overseas revenue reached 370 million yuan in 2023, marking a 105.66% increase year-on-year, while domestic revenue was 4.342 billion yuan, up 10.27% [8] Product and Market Performance - In terms of product categories, the company reported revenues of 713 million yuan from electric appliances, 309 million yuan from electric heating appliances, 1.204 billion yuan from cooking pots, 849 million yuan from kettles, 568 million yuan from Western-style appliances, 485 million yuan from small household appliances, and 546 million yuan from other small appliances, with notable growth in cooking pots and kettles [8] - The company’s emerging product categories, particularly small household appliances, showed significant growth, contributing to overall revenue increases [8]