整机业务增速承压，积极拓展主业相关的多元化业务

Investment Rating - The investment rating for the company is "Add" (maintained) with a target price not specified [2] Core Views - The company experienced a revenue decline of 5.28% year-on-year in 2023, with a net profit attributable to shareholders dropping by 74.58% [8] - The company is actively expanding its diversified business related to its core operations, particularly in the motor business, to mitigate the pressure on its main assembly business [8] - The company aims to improve its customer structure by transitioning from reliance on a single major client to a multi-client model, preparing for future expansion in diversified cleaning appliance production [8] Financial Summary - In 2023, the company reported total revenue of 1.82 billion yuan and a net profit of 25 million yuan [8] - The gross margin for 2023 was 12.58%, a decrease of 1.73 percentage points year-on-year, while the net margin was 1.49%, down 4.36 percentage points [8] - The company’s operating cash flow for 2023 was negative 90 million yuan, a decline of 126.35% year-on-year [8] - The projected net profit for 2024-2026 is estimated at 70 million, 90 million, and 120 million yuan respectively, with corresponding dynamic P/E ratios of 43.3x, 32.1x, and 25.1x [8][11] Market Performance - The company’s stock price as of the report date was 21.68 yuan, with a 52-week high of 21.68 yuan and a low of 7.72 yuan [2] - The company’s total market capitalization is approximately 2.98 billion yuan [2] Business Operations - The company is focusing on enhancing its supply chain system for vacuum cleaner assembly and increasing the self-manufacturing rate of components [8] - The company has established a wholly-owned subsidiary in Suzhou for vacuum cleaner motor research, production, and sales, which is still in the development phase [8]