BIYI(SH:603215) GOLDEN SUN SECURITIES·2024-04-25 13:02Investment Rating - The report maintains a "Buy" rating for the company [27][28]. Core Views - The company's revenue for 2023 was 1.56 billion yuan, a year-on-year increase of 4.02%, while the net profit attributable to shareholders was 202 million yuan, up 13.34% year-on-year [2]. - The company is expanding its global production capacity, with a significant investment of 50 million USD in a kitchen appliance factory in Thailand, expected to contribute 7 million units of production capacity [3]. - The company experienced a decline in revenue and net profit in Q4 2023 and Q1 2024, with Q4 2023 revenue down 32.80% year-on-year and Q1 2024 revenue down 15.39% year-on-year [2][15]. Financial Summary - The company's financial indicators show a projected revenue growth from 1.56 billion yuan in 2023 to 2.17 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 15.3% [4]. - The net profit is expected to grow from 202 million yuan in 2023 to 281 million yuan in 2026, reflecting a CAGR of 15.2% [4]. - The earnings per share (EPS) is projected to increase from 1.07 yuan in 2023 to 1.49 yuan in 2026 [4]. Product Performance - The company reported strong growth in overseas revenue, with international sales reaching 1.43 billion yuan in 2023, a year-on-year increase of 14.13%, while domestic revenue fell by 52.22% [26]. - The air fryer segment showed a revenue increase of 8.13% year-on-year, contributing significantly to the overall performance [26]. Profitability Analysis - The gross margin for Q4 2023 and Q1 2024 showed a decline, with Q1 2024 gross margin at 12.95%, down 8.13 percentage points year-on-year [15]. - The net profit margin also decreased, with Q1 2024 net margin at 3.12%, down 9.14 percentage points year-on-year [15].