Investment Rating - The report maintains a rating of "Accumulate" for the company [2][9] Core Views - The company's performance is currently under pressure, but its smart products and overseas business are performing well [9] - The company reported a revenue of 1.135 billion yuan in Q1 2024, a year-on-year increase of 2.26%, while the net profit attributable to shareholders was -90.35 million yuan, a decline of 300.4% year-on-year [2][3] - For the full year 2023, the company achieved a revenue of 7.648 billion yuan, a slight increase of 1.79% year-on-year, but the net profit attributable to shareholders decreased by 28.43% to 425 million yuan [4][9] Financial Performance Summary - In Q1 2024, the company's gross margin and net margin were 24.40% and -8.03%, respectively, down 6.04 and 8.28 percentage points year-on-year [3] - The company experienced a significant increase in asset impairment losses in Q1 2024, amounting to 19.93 million yuan, compared to -6.56 million yuan in the same period last year [3] - The operating cash flow for 2023 was 1.166 billion yuan, a year-on-year increase of 190.98%, mainly due to increased cash received from sales and reduced tax payments [8] Product and Market Performance - The company’s smart toilet and overseas business showed strong performance, with smart toilet revenue reaching 1.562 billion yuan in 2023, a year-on-year increase of 12.48% [4][9] - The company’s revenue from sanitary ceramics, faucets, and bathroom furniture for 2023 was 3.742 billion yuan, 2.101 billion yuan, and 771 million yuan, respectively, with year-on-year changes of +6.61%, +1.50%, and -4.56% [4] - The company’s direct sales model, primarily through e-commerce and direct engineering, generated 1.037 billion yuan in revenue, a year-on-year increase of 20.03% [4] Future Outlook - The company is expected to achieve net profits of 4.95 billion yuan, 5.82 billion yuan, and 6.80 billion yuan for 2024, 2025, and 2026, representing year-on-year growth rates of 17%, 18%, and 17%, respectively [9] - The report highlights the rise of domestic brands and the theme of "smart transformation" in the industry, indicating a positive future outlook for the company [9]
业绩阶段性承压，智能化产品和海外业务表现较好