公司信息更新报告：2024Q1外销延续亮眼表现，内销增速有所改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [29] Core Insights - The company achieved a revenue of 14.647 billion yuan in 2023, representing a year-on-year increase of 6.94%. The net profit attributable to the parent company was 977 million yuan, up 1.64%, while the net profit excluding non-recurring items was 996 million yuan, down 0.51% [27][31] - In Q4 2023, the company reported a revenue of 3.892 billion yuan, a significant increase of 30.66%, and a net profit of 241 million yuan, up 105.07%. For Q1 2024, the revenue was 3.474 billion yuan, up 22.79%, with a net profit of 173 million yuan, an increase of 24.74% [27][31] - The gross margin for 2023 was 22.74%, an increase of 1.62 percentage points, while the net profit margin attributable to the parent company was 6.67%, a decrease of 0.35 percentage points [39][31] Summary by Sections 1. Sales Performance - In 2023, domestic and international revenues were 3.836 billion yuan and 10.811 billion yuan, respectively, with year-on-year changes of -6.11% and +10.42%. In Q4 2023, domestic and international revenues grew by 1% and 52%, respectively. For Q1 2024, domestic revenue increased by 7% and international revenue by 30% [57][62] 2. Profitability - The gross margin for 2023 was 22.74%, with domestic and international margins at 27.74% and 20.96%, respectively. The gross margin for Q4 2023 was 23.39%, while for Q1 2024, it was 21.92% [39][31] - The net profit margin for 2023 was 6.67%, with a decrease of 0.35 percentage points. In Q4 2023, the net profit margin was 6.2%, an increase of 2.25 percentage points, and for Q1 2024, it was 4.97%, an increase of 0.08 percentage points [6][31] 3. Expense Management - The company's expense ratio for 2023 was 13.04%, an increase of 2.15 percentage points. In Q4 2023 and Q1 2024, the expense ratios were 16.22% and 12.33%, respectively [7][31] - The sales, management, R&D, and financial expense ratios for 2023 increased by 0.46, 0.15, 0.29, and 1.26 percentage points, respectively. In Q4 2023, these ratios improved, while the financial expense ratio decreased mainly due to increased exchange gains [7][31] 4. Cash Flow and Efficiency - The company maintained a healthy cash flow, with a net operating cash flow of 1.909 billion yuan in 2023, an increase of 34.15%. The net investment cash flow was -2.179 billion yuan, primarily due to increased cash payments for fixed assets and other long-term assets [68] - As of the end of 2023, the company's inventory turnover days were 56 days, a decrease of 16 days from 2022, indicating improved inventory turnover efficiency [43][31]