境外业务盈利创新高，境内业务毛利率提升

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company reported significant growth in its financial performance for 2023 and Q1 2024, with a total revenue of 3.75 billion yuan in 2023, representing a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 233 million yuan, up 120.1% year-on-year [12] - The overseas business has shown strong profitability, with a historical high in earnings from overseas factories, particularly in the U.S. market, where the net profit reached 150 million yuan with a net profit margin of 21% [12] - Domestic business revenue continues to grow steadily, with a 20.4% year-on-year increase in 2023, and an improvement in gross margin to 31.3% [12] Financial Summary - Total revenue for 2023 was 3,747 million yuan, with projected revenues of 4,257 million yuan for 2024 and 5,550 million yuan for 2026, reflecting a compound annual growth rate [4][8] - The net profit for 2023 was 233 million yuan, with forecasts of 262 million yuan for 2024 and 342 million yuan for 2026, indicating a consistent growth trajectory [4][12] - The gross margin for 2023 was 26.3%, with expectations of 25.5% in 2024 and 25.7% in 2025 and 2026 [4][12] Market Data - As of April 23, 2024, the closing price was 24.27 yuan, with a market capitalization of 7,138 million yuan [5] - The price-to-earnings ratio is projected to be 27X for 2024, 24X for 2025, and 21X for 2026 [12]