Q4业绩爆发，行业渗透、渠道布局成长性充足

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Insights - The company achieved significant profit growth, with a revenue of 1.688 billion yuan in 2023, representing a year-on-year increase of 22.16%. The net profit attributable to shareholders was 327.26 million yuan, up 49.71% year-on-year, with basic earnings per share of 0.82 yuan. In Q4 alone, revenue reached 572 million yuan, a 53.05% increase year-on-year, and net profit was 89 million yuan, up 92.11% year-on-year [8][9]. Financial Performance Summary - Gross Margin: The company's overall gross margin for 2023 was 51.35%, an increase of 4.99 percentage points year-on-year. The gross margin for Q4 was 53.05%, up 3.3 percentage points year-on-year and 0.28 percentage points quarter-on-quarter. The improvement in gross margin was attributed to increased sales volume leading to economies of scale and effective cost control measures [18]. - Expense Ratio: The total expense ratio for 2023 was 28.16%, an increase of 1.3 percentage points year-on-year. The sales, management, R&D, and financial expense ratios were 20.33%, 5.17%, 3.15%, and -0.48%, respectively, with changes of +1.66 percentage points, -0.39 percentage points, -0.02 percentage points, and +0.05 percentage points year-on-year. The increase in sales expense ratio was due to heightened promotional efforts in offline channels and e-commerce platforms [18]. - Net Margin: The net margin for 2023 was 19.36%, an increase of 3.55 percentage points year-on-year. The net margin for Q4 was 15.52%, up 3.15 percentage points year-on-year but down 6.62 percentage points quarter-on-quarter [18]. Market Position and Growth Prospects - The company is a leading player in the smart drying rack market, with significant competitive advantages and a leading market share. The comprehensive channel layout indicates a promising growth outlook, expected to benefit from increased industry penetration rates. The company is projected to achieve basic earnings per share of 1.01, 1.21, and 1.43 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14X, 12X, and 10X [18].