Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 23.67 CNY per share based on a 20x PE for 2024 [45][93]. Core Insights - The company has a strong focus on exports, with 99% of its revenue coming from overseas sales in 2023, benefiting from the recovery in exports after the end of inventory destocking [5][93]. - The company’s revenue for 2023 was 1.22 billion CNY, a decrease of 5.3% year-on-year, while net profit increased by 8.4% to 170 million CNY [55][87]. - The gross margin for 2023 was 35.8%, an increase of 5.9 percentage points year-on-year, and the net margin was 14.4%, up by 1.8 percentage points [55][87]. Company Business Analysis - The company specializes in small air compressors and wet-dry vacuum cleaners, with a significant portion of its products exported to North America [5][54]. - The compound annual growth rate (CAGR) for export revenue from 2019 to 2023 was 19.5% [5]. - The revenue share of wet-dry vacuum cleaners increased from 39% in 2019 to 54% in 2023, while the share of small air compressors decreased from 57% to 36% during the same period [35][54]. Financial Performance - In Q4 2023, the company reported revenue of 380 million CNY, a year-on-year increase of 51.1%, and a net profit of 50.12 million CNY, up 86.9% year-on-year [87][89]. - The company plans to distribute a cash dividend of 8.30 CNY per 10 shares, with a total distribution of 150 million CNY, resulting in a payout ratio of 86% [66][87]. - The forecasted net profit growth for 2024-2026 is 23.6%, 19.9%, and 18.8% respectively [93]. Product and Sales Model Analysis - The company operates primarily through ODM and brand authorization models, with brand authorization yielding a gross margin of 43.3% [38]. - The revenue breakdown for 2023 showed that ODM accounted for 50.9%, brand authorization for 42.9%, and other models for the remaining share [38]. - The expected revenue growth for wet-dry vacuum cleaners is projected at 30%, 22%, and 20% for 2024-2026, while small air compressors are expected to grow at 21%, 16%, and 14% respectively [68].
外需旺盛，Q4业绩持续改善