Q1收入承压，分红比例进一步提升

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 11.84 CNY over the next six months, compared to the current stock price of 9.84 CNY [14][32]. Core Views - The company experienced a revenue decline in Q1 2024 primarily due to fluctuations in the real estate market affecting integrated stove sales. However, the company is expected to perform better than the industry average due to its strong distribution channels [2][32]. - The company has a significant channel advantage, having added 16 new first-level distributors and 200 marketing terminals in 2023, totaling over 2,000 first-level distributors and more than 4,700 marketing terminals [3][32]. - The company is projected to benefit from the increasing penetration of integrated stoves in the market, supported by its brand and channel development [32]. Financial Performance - In 2023, the company reported a revenue of 1.67 billion CNY, a year-on-year decrease of 8.8%, and a net profit of 464.3 million CNY, a year-on-year increase of 2.7% [16][32]. - For Q1 2024, the company achieved a revenue of 270 million CNY, a year-on-year decline of 19.4%, and a net profit of 80 million CNY, a year-on-year decline of 23.3% [16][32]. - The company plans to distribute a cash dividend of 7.50 CNY per 10 shares, totaling 480 million CNY, with a payout ratio of 104.4% [16][32]. Profitability and Valuation Metrics - The company’s projected earnings per share (EPS) for 2024 and 2025 are 0.74 CNY and 0.75 CNY, respectively [32]. - The price-to-earnings (P/E) ratio is expected to decrease from 14.1 in 2022 to 12.6 by 2026, indicating a potential increase in valuation attractiveness [6][32]. - The net profit margin is projected to improve from 24.7% in 2022 to 28.0% by 2026 [6][32]. Market Position and Competitive Landscape - The company is recognized as a pioneer and leader in the integrated stove industry in China, which positions it well to capitalize on the growing market demand [32]. - The company’s strong distribution network and brand recognition are expected to help it maintain its competitive edge despite industry challenges [2][3][32].