业绩企稳，盈利改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company achieved a total revenue of 14.05 billion yuan in 2023, representing a year-on-year growth of 15.3%. The net profit attributable to the parent company was 1.478 billion yuan, with a year-on-year increase of 34.2% [1][2]. - The company is expected to continue its growth trajectory, with projected revenues of 16.19 billion yuan in 2024, 18.36 billion yuan in 2025, and 20.49 billion yuan in 2026, reflecting growth rates of 15%, 13%, and 12% respectively [1][2]. - The company plans to enhance its product development and channel strategies, focusing on new product launches and expanding into lower-tier markets [1][2]. Financial Performance Summary - Revenue Forecast: - 2023: 14,045 million yuan - 2024E: 16,188 million yuan - 2025E: 18,358 million yuan - 2026E: 20,489 million yuan - Growth Rates: 2023: 15%, 2024: 15%, 2025: 13%, 2026: 12% [1][2]. - Net Profit Forecast: - 2023: 1,478 million yuan - 2024E: 1,718 million yuan - 2025E: 2,073 million yuan - 2026E: 2,385 million yuan - Growth Rates: 2023: 34%, 2024: 16%, 2025: 21%, 2026: 15% [1][2]. - Earnings Per Share (EPS): - 2024E: 5.04 yuan - 2025E: 5.86 yuan - 2026E: 7.07 yuan [1][2]. - Return on Equity (ROE): - 2023: 11.5% - 2024E: 11.8% - 2025E: 12.5% - 2026E: 12.6% [1][2]. Strategic Outlook - The company aims to implement a "Research and Development Generation, Production Generation, and Reserve Generation" strategy for new products, focusing on timely follow-ups and continuous improvements [1][2]. - The channel strategy emphasizes "full-channel efforts," targeting both new and existing markets to enhance market share [1][2].