业绩短期承压，三核九翼战略稳步推进

Investment Rating - The investment rating for the company is adjusted to "Accumulate" [6] Core Views - The company reported a slight decline in revenue for 2023, with total revenue of 8.22 billion, down 0.33% year-on-year, while net profit attributable to shareholders increased by 14.49% to 0.99 billion [1] - The "Three Core and Nine Wings" strategy is being steadily advanced, with significant growth in core products, including a sales milestone of over 2 billion for several key products [1][5] - The company is experiencing a notable improvement in profitability, with an overall gross margin of 44.01%, up 4.08 percentage points year-on-year [2] Financial Performance Summary - In 2023, the industrial segment generated revenue of 4.93 billion, up 10.34% year-on-year, while the commercial segment saw a decline of 11.19% to 3.76 billion [1] - The company’s net profit margin improved to 11.78%, an increase of 1.19 percentage points year-on-year [2] - The forecast for 2024-2025 revenue has been revised down to 9.29 billion and 10.47 billion, respectively, with net profit forecasts adjusted to 1.16 billion and 1.38 billion [4] Market Expansion - The company achieved significant growth in international markets, with sales exceeding 40 million, representing a 25% year-on-year increase [3] - New product registrations in Hong Kong and Malaysia are expected to enhance market presence in Southeast Asia [3] Financial Projections - The company’s earnings per share (EPS) is projected to grow from 1.28 in 2023 to 2.14 by 2026, reflecting a compound annual growth rate [5] - The price-to-earnings (P/E) ratio is expected to decrease from 25.85 in 2023 to 15.47 by 2026, indicating improved valuation metrics [5]