2023年年报&2024年一季报点评：23年顺利收官，24年经营势能持续强化

Investment Rating - The report maintains a "Recommended" rating for the company [3][2]. Core Views - The company successfully closed 2023 with strong performance, and the operational momentum is expected to continue into 2024 [1]. - The high-end product series, particularly the Qinghua series, continues to lead sales growth, contributing significantly to revenue [1][2]. - The company aims for a revenue growth of approximately 20% in 2024, targeting 38.3 billion yuan [2]. Financial Performance Summary - For 2023, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 319.28 billion yuan, 104.38 billion yuan, and 104.45 billion yuan, respectively, representing year-on-year increases of 21.8%, 28.93%, and 29.15% [1]. - In Q4 2023, the company reported revenue of 51.84 billion yuan, net profit of 10.07 billion yuan, and net profit excluding non-recurring items of 10.17 billion yuan, with year-on-year growth rates of 27.38%, 1.96%, and 3.22% [1]. - For Q1 2024, the company achieved revenue of 153.38 billion yuan, net profit of 62.62 billion yuan, and net profit excluding non-recurring items of 62.61 billion yuan, with year-on-year increases of 20.94%, 29.95%, and 30.08% [1]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 388.15 billion yuan, 470.10 billion yuan, and 567.55 billion yuan, respectively, with year-on-year growth rates of 21.6%, 21.1%, and 20.7% [2][3]. - The forecasted net profits for the same years are 130.79 billion yuan, 160.14 billion yuan, and 195.26 billion yuan, with year-on-year growth rates of 25.3%, 22.4%, and 21.9% [2][3]. Market and Product Strategy - The company is focusing on high-end and national expansion strategies to ensure performance certainty, with an emphasis on digital marketing and brand building [2]. - The Qinghua series is expected to continue its growth trajectory, driving improvements in the company's product mix [2].