BIYI(SH:603215) Southwest Securities·2024-04-26 09:00Investment Rating - The report maintains a "Hold" rating for the company [4][9] Core Views - The company's short-term performance is under pressure due to new product investments, but it is expected to recover as customer orders stabilize and production capacity ramps up [1][9] - The company's 2023 revenue reached 1.56 billion yuan, a 4% YoY increase, with net profit attributable to the parent company growing 13.3% YoY to 200 million yuan [1] - In Q4 2023, revenue declined 32.8% YoY to 300 million yuan, and net profit attributable to the parent company dropped 43.9% YoY to 26.197 million yuan [1] - In Q1 2024, revenue fell 15.4% YoY to 320 million yuan, and net profit attributable to the parent company decreased 78.1% YoY to 10 million yuan [1] Financial Performance Revenue and Profit - 2023 revenue: 1.56 billion yuan (+4% YoY), net profit: 200 million yuan (+13.3% YoY) [1] - Q4 2023 revenue: 300 million yuan (-32.8% YoY), net profit: 26.197 million yuan (-43.9% YoY) [1] - Q1 2024 revenue: 320 million yuan (-15.4% YoY), net profit: 10 million yuan (-78.1% YoY) [1] Product Performance - Air fryer sales: 6.181 million units (+3.2% YoY), revenue: 1.18 billion yuan (+8.1% YoY) [1] - Air oven sales: 635,000 units (-15.8% YoY), revenue: 200 million yuan (-16.4% YoY) [1] - Deep fryer sales: 1.201 million units (+3.8% YoY), revenue: 130 million yuan (+12.4% YoY) [1] Regional Performance - Domestic revenue: 110 million yuan (-52.2% YoY) [1] - Overseas revenue: 1.43 billion yuan (+14.1% YoY) [1] Profitability - 2023 gross margin improved by 1.3pp to 20.8% [1] - Air fryer gross margin: 19.7% (+1.8pp YoY), air oven gross margin: 28.8% (-0.9pp YoY), deep fryer gross margin: 19.5% (+4.8pp YoY) [1] - Domestic gross margin: 15.8% (-3.1pp YoY), overseas gross margin: 21.2% (+1.6pp YoY) [1] - 2023 net margin increased by 1pp to 12.9% [1] Future Projections - Expected EPS for 2024-2026: 1.24 yuan, 1.41 yuan, and 1.66 yuan respectively [9] - Assumed domestic revenue growth for 2024-2026: 10% annually [24] - Assumed overseas revenue growth for 2024-2026: 20%, 20%, and 15% respectively [24] - Expected gross margin improvement as new product production efficiency increases [8] Valuation Metrics - 2023 PE: 16x, 2024E PE: 13x, 2025E PE: 12x, 2026E PE: 10x [5] - 2023 PB: 2.82x, 2024E PB: 2.40x, 2025E PB: 2.05x, 2026E PB: 1.76x [5] - 2023 ROE: 18.06%, 2024E ROE: 17.84%, 2025E ROE: 17.41%, 2026E ROE: 17.47% [5]