OPPEIN(SH:603833) Orient Securities·2024-04-26 10:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of 70.76 yuan [5][8]. Core Views - The company reported a revenue of 22.782 billion yuan in 2023, a year-on-year increase of 1.35%, and a net profit attributable to shareholders of 3.036 billion yuan, up 12.92% year-on-year [2]. - In Q4 2023, the company achieved a revenue of 6.218 billion yuan, a slight increase of 0.11% year-on-year, and a net profit of 726 million yuan, growing by 4.00% year-on-year [2]. - The company experienced a recovery in distribution channel growth in Q4, with significant increases in direct sales and overseas channels [2]. - The company has launched its technology brand "Hailie Niao" to enter the smart home sector, aligning with the trend of smart home integration [2]. Financial Performance Summary - The company's revenue for 2023 was 22.782 billion yuan, with a year-on-year growth of 1.3% [4]. - The net profit attributable to shareholders for 2023 was 3.036 billion yuan, reflecting a year-on-year increase of 12.9% [4]. - The gross profit margin for 2023 was 34.16%, an increase of approximately 2.5 percentage points year-on-year [2]. - The net profit margin improved to 13.32%, up about 1.4 percentage points year-on-year [2]. - The company forecasts net profits of 3.224 billion yuan, 3.480 billion yuan, and 3.695 billion yuan for 2024, 2025, and 2026, respectively [3][8].