2023年报点评：直营收入增长较快，业绩有所承压

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company's revenue in 2023 was 1.23 billion, a decrease of 3.8% year-on-year, with a net profit attributable to shareholders of 180 million, down 14.6% [1]. - The decline in revenue is attributed to the impact of the real estate market and the integrated stove industry, with Q4 revenue dropping to 280 million, a decrease of 9.6% [1]. - The company plans to distribute a cash dividend of 10 yuan for every 10 shares, resulting in a cash dividend rate of 59% [1]. - The integrated stove market faced challenges, with retail sales in 2023 declining by 4.0% to 24.9 billion, and a further drop of 11.9% in Q1 2024 [1]. - E-commerce and direct sales revenue grew significantly, with total sales on JD and Tmall increasing by 10.7% to 900 million in 2023 [1]. - The company is actively expanding into new product categories, with revenue from integrated sinks and dishwashers growing by 16.3% to 130 million [1]. - The gross profit margin improved by 2.0 percentage points to 48.7% in 2023, benefiting from lower raw material costs [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.23 billion and a net profit of 180 million, with a decline in both metrics compared to the previous year [1][19]. - The gross profit margin for 2023 was 48.7%, an increase of 2.0 percentage points year-on-year [1][19]. - The net profit margin decreased by 1.9 percentage points to 14.6% [1]. Revenue Breakdown - The company's revenue from integrated stoves decreased by 5.8% to 1.1 billion in 2023, while revenue from other categories increased by 16.3% [1]. - Direct sales revenue grew by 28.1% to 250 million, while dealer revenue fell by 9.4% to 980 million [1]. Future Projections - The company adjusted its profit forecast, expecting net profits of 200 million, 210 million, and 230 million for 2024, 2025, and 2026, respectively, representing year-on-year growth of 11%, 8%, and 7% [1].