2023年年报点评：Q4收入短期承压，业绩有所下滑

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company, with a target price adjusted to 20.00 yuan [5][23][39]. Core Views - The company achieved 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 [5][23]. - The report highlights that the company’s online market share is relatively high, and its sales and dealer support strategies are proactive, suggesting that future growth may outperform the industry [6][23]. - The report notes that the integrated stove category has a high average price, which increases the purchasing threshold for consumers, leading to overall sluggish sales during a slow recovery in consumer purchasing power [6][23]. Summary by Sections 1. Performance Overview - The company’s Q4 revenue was 569 million yuan, down 10.45% year-on-year, with a net profit of 25 million yuan, a significant decline of 74.24% year-on-year [5][6]. 2. Q4 Revenue Performance - The company’s revenue performance in Q4 was better than the overall industry level, despite the challenges faced [6][25]. 3. Q4 Gross Margin and Expense Ratio - The gross margin for 2023 was 47.63%, an increase of 2.63 percentage points year-on-year, while the net margin was 11.49%, a decrease of 2.24 percentage points year-on-year [45]. 4. Cash Flow Health - The company reported a net cash flow from operating activities of 445 million yuan in 2023, an increase of 185 million yuan year-on-year, indicating healthy cash flow [10][29]. 5. Dividend Proposal - The company plans to distribute a cash dividend of 6.00 yuan per 10 shares (including tax), totaling 246 million yuan, which accounts for 99.4% of the net profit attributable to shareholders in 2023 [46].