经营承压，保持高分红比例

Investment Rating - The report maintains a "Buy" investment rating for the company [2][7]. Core Views - The integrated stove industry is experiencing a decline in both volume and revenue, while the dishwasher segment is seeing an increase in average prices due to a higher proportion of integrated dishwashers [1]. - The company reported a total revenue of 2.139 billion yuan in 2023, a decrease of 6.03% year-on-year, and a net profit attributable to shareholders of 247 million yuan, down 21.39% year-on-year [3]. - Despite the challenging market conditions, the company plans to distribute a cash dividend of 246 million yuan, resulting in a cash dividend rate of 99.31% [3]. Financial Performance Summary - The company's revenue from integrated stoves decreased by 6.91% year-on-year, while revenue from water-washing products increased by 21.26% [4]. - The company has over 2,100 specialty stores and leads the online sales in the integrated stove industry, achieving online retail sales of 1.36 billion yuan in 2023 [4]. - The gross margin for the year increased to 47.63%, while the net margin decreased to 11.49% due to fair value losses from a trust investment [4]. - The forecasted net profit for 2024-2026 is expected to be 284 million yuan, 319 million yuan, and 345 million yuan, respectively, with year-on-year growth rates of 14.9%, 12.2%, and 8.1% [2]. Key Financial Metrics - The company's earnings per share (EPS) for 2023 is 0.60 yuan, with a projected EPS of 0.69 yuan for 2024 [6]. - The return on equity (ROE) for 2023 is 14.9%, with expectations to rise to 16.8% in 2024 [6]. - The price-to-earnings (P/E) ratio for 2023 is 29.3, projected to decrease to 25.5 in 2024 [6].