渠道调整效率优化，Q4业绩环比改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance relative to market indices [9][17]. Core Insights - The company has shown steady revenue growth, with 2023 revenue reaching 47.12 billion yuan, a year-on-year increase of 14.4%. The net profit attributable to shareholders was 4.45 billion yuan, up 15.2% year-on-year [4][9]. - The company is adjusting its channel structure to optimize efficiency, which has helped mitigate the impact of declining gross margins due to lower product prices during promotional periods [1][4]. - The company is a leader in the small kitchen appliance sector, with significant growth in both domestic and overseas markets. Domestic revenue increased by 10.27% to 43.42 billion yuan, while overseas revenue surged by 105.66% to 3.70 billion yuan [14]. Financial Performance Summary - For 2023, the company reported a gross margin of 36.61%, slightly up by 0.16 percentage points year-on-year. However, the gross margin for Q4 2023 was 31.83%, down 5.86 percentage points year-on-year [4][9]. - The company’s earnings per share (EPS) for 2023 was 2.84 yuan, with forecasts for 2024, 2025, and 2026 at 3.26, 3.67, and 4.10 yuan respectively [3][9]. - The report projects a revenue growth rate of 12.3% for 2024, 11.3% for 2025, and 10.9% for 2026, indicating a gradual decline in growth rates over the next few years [3][4]. Product and Market Performance - In 2023, the kitchen small appliance segment generated 36.44 billion yuan in revenue, a year-on-year increase of 8.35%. Key product categories such as pots and kettles saw significant growth [14]. - Online sales accounted for 38.66 billion yuan, growing by 9.88%, while offline sales reached 8.46 billion yuan, up 41.18% year-on-year, reflecting a robust performance in both channels [14].