Zhejiang Meida(SZ:002677)2024-04-23 02:32Investment Rating - The report maintains an "Outperform" rating for the company [3][16]. Core Views - The company reported a revenue of 1.673 billion yuan in 2023, a year-on-year decrease of 8.80%, while the net profit attributable to shareholders was 464 million yuan, an increase of 2.68% [3][16]. - The company’s gross margin improved to 47.10% in 2023, up by 2.99 percentage points, primarily due to a decline in raw material prices [4]. - The company has established a diversified marketing channel, with over 2,000 first-level distributors and more than 4,700 marketing terminals [16]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 273 million yuan, a year-on-year decrease of 19.39%, and a net profit of 77 million yuan, down 23.34% [3][17]. - The projected net profit for 2024 is 475 million yuan, reflecting a year-on-year growth of 2.3% [16][17]. - The company plans to distribute a cash dividend of 7.50 yuan per 10 shares, totaling approximately 485 million yuan, which corresponds to a dividend yield of about 7.46% [16]. Market Context - The integrated stove market saw a retail sales decline of 4.0% in 2023, with a retail volume drop of 4.2% [16]. - The overall demand in the industry is slightly weak, with the company focusing on enhancing its online and offline sales channels to adapt to market conditions [16].