AUPU(SH:603551)2024-04-25 02:32Investment Rating - The report maintains a "Buy" investment rating for the company, highlighting its strong dividend yield and long-term value [8]. Core Insights - The company's performance in 2023 and Q1 2024 met expectations, with a revenue of 1.996 billion yuan in 2023, a year-on-year increase of 6.17%, and a net profit of 309 million yuan, up 28.82% year-on-year [5][10]. - The company continues to invest heavily in R&D, leading to innovative product launches that meet diverse consumer needs, such as a new kitchen air conditioner and advanced heating solutions [6]. - Profitability remains robust, with a gross margin of 47.48% in 2023, an increase of 3.13 percentage points year-on-year, and a net profit margin of 15.65%, up 2.64 percentage points year-on-year [7]. Financial Performance Summary - The company achieved total revenue of 1.996 billion yuan in 2023, with a projected revenue of 2.208 billion yuan for 2024, reflecting a growth rate of 10.6% [10]. - The net profit attributable to shareholders for 2023 was 309 million yuan, with forecasts of 358 million yuan for 2024, indicating a year-on-year growth of 15.8% [10]. - The earnings per share (EPS) for 2023 was 0.77 yuan, expected to rise to 0.89 yuan in 2024 [10]. Dividend Policy - The company plans to distribute a cash dividend of 8.0 yuan per 10 shares for 2023, totaling 309 million yuan, which represents 99.99% of the net profit for the year, resulting in a dividend yield of approximately 6.9% [8]. - For the years 2024 to 2026, the company aims to maintain a minimum cash dividend payout ratio of 80% during mature phases without significant capital expenditures [8].