2023年年报点评：行业景气承压，坏账拖累短期业绩

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 18.20 yuan [7][13][26]. Core Views - The company reported a revenue of 2.139 billion yuan in 2023, a year-on-year decrease of 6.03%, and a net profit attributable to shareholders of 247 million yuan, down 21.39% year-on-year [3][10]. - The decline in revenue is primarily attributed to the pressure on the home appliance industry, particularly in the integrated stove segment, which saw a 7% decrease in revenue [10][12]. - Despite the short-term challenges, the company maintains a strong cash flow position, with a net operating cash flow of 440 million yuan, up 71.5% year-on-year, and a cash dividend of 246 million yuan, representing a 99% payout ratio [12][26]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 569 million yuan, down 10.45% year-on-year, with a net profit of 25 million yuan, a significant drop of 74.24% year-on-year [3][10]. - The overall gross margin improved by 2.6 percentage points year-on-year, driven by product price increases and cost reduction efforts [11][25]. - The company’s total assets amounted to 3.335 billion yuan, with a debt-to-asset ratio of 50.57% [5][27]. Market Position - The company holds a 26.8% market share in the online segment, which is a 1.9 percentage point increase year-on-year, indicating better retail performance compared to the industry [10][12]. - The integrated stove segment accounts for 88% of the company's revenue, while the water-washing category has shown a 21% increase, contributing 7% to total revenue [10][12]. Future Outlook - Revenue projections for 2024 and 2025 are estimated at 2.275 billion yuan and 2.422 billion yuan, respectively, reflecting year-on-year growth rates of 6.33% and 6.48% [13][27]. - The company is expected to continue benefiting from its strong cash flow and shareholder return policies, despite ongoing industry pressures [12][26].