公司信息更新报告：2024Q1业绩高增，海外渠道+自有品牌持续发力

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company achieved a significant revenue growth of 32.3% in Q1 2024, driven by its self-owned brand of smart toilets and overseas channels [2][4] - The company’s 2023 full-year revenue reached 2.18 billion yuan, an increase of 11.5%, with a net profit of 219 million yuan, up 3.6% [2][4] - The report anticipates continued growth in net profit, projecting 278 million yuan for 2024, 333 million yuan for 2025, and 400 million yuan for 2026 [2][4] Revenue Summary - In 2023, the revenue from smart toilets and covers grew significantly, with the revenue breakdown being 620 million yuan for tanks and accessories, 1.27 billion yuan for smart toilets and covers, and 210 million yuan for drainage systems [4] - The gross margin for smart toilets and covers improved to 30.12%, reflecting a year-on-year increase of 6.49 percentage points [4] Profitability Summary - The overall gross margin for the company in 2023 was 29.5%, an increase of 4.7 percentage points, while the net profit margin was 9.9% [5] - In Q1 2024, the gross margin rose to 30.2%, with a net profit margin of 11.1%, indicating improved profitability driven by high-margin self-owned brand products [5] Future Outlook - The company is expected to continue leveraging its self-owned brand of smart toilets and overseas OEM business to drive growth [6] - The report highlights the anticipated production capacity expansion and cost reduction through automation, which will enhance profitability [6]