三四季度营收屡创新高，毛利率逐季修复显著

Investment Rating - The investment rating for the company is "Hold" [6][4]. Core Views - The company achieved a record high revenue of 372.66 million yuan in 2023, representing a year-on-year growth of 27.34%. However, it reported a net loss of 101.85 million yuan for the same year, although the loss narrowed by 45.72% year-on-year in Q4 2023 [6][4]. - The company's gross margin has shown significant improvement, with Q3 and Q4 2023 gross margins increasing by 1.62 percentage points and 9.84 percentage points, respectively [6][4]. - The company is optimistic about rapid growth in performance due to the recovery of the consumer market and the gradual increase in sales of high-margin new products [6][4]. Financial Data and Valuation - Revenue (million yuan): 292.65 in 2022, 372.66 in 2023, projected to reach 518.56 in 2024E, 685.43 in 2025E, and 891.06 in 2026E [3]. - Growth Rate (%): -16.80% in 2022, 27.34% in 2023, projected 39.15% in 2024E, 32.18% in 2025E, and 30.00% in 2026E [3]. - EBITDA (million yuan): 68.49 in 2022, 52.60 in 2023, projected to increase to 90.10 in 2024E, 113.04 in 2025E, and 169.87 in 2026E [3]. - Net Profit Attributable to Parent Company (million yuan): -54.93 in 2022, -101.85 in 2023, projected to turn positive with 14.17 in 2024E, 54.85 in 2025E, and 100.01 in 2026E [3]. - EPS (yuan/share): -0.98 in 2022, -1.82 in 2023, projected to be 0.25 in 2024E, 0.98 in 2025E, and 1.79 in 2026E [3]. - P/E Ratio: -34.47 in 2022, -18.59 in 2023, projected to be 133.64 in 2024E, 34.52 in 2025E, and 18.93 in 2026E [3]. - P/B Ratio: 1.84 in 2022, 1.77 in 2023, projected to decrease to 1.76 in 2024E, 1.68 in 2025E, and 1.55 in 2026E [3]. - P/S Ratio: 6.47 in 2022, 5.08 in 2023, projected to decrease to 3.65 in 2024E, 2.76 in 2025E, and 2.12 in 2026E [3]. - EV/EBITDA: 31.38 in 2022, 65.93 in 2023, projected to decrease to 17.74 in 2024E, 14.57 in 2025E, and 10.11 in 2026E [3]. Cash Flow and Other Financial Metrics - Net Profit (million yuan): -55.02 in 2022, -102.80 in 2023, projected to be 14.17 in 2024E, 54.85 in 2025E, and 100.01 in 2026E [9]. - Operating Cash Flow: -21.69 in 2022, -9.59 in 2023, projected to improve to -5.17 in 2024E, 103.45 in 2025E, and 71.91 in 2026E [9]. - Capital Expenditure (million yuan): 190.27 in 2022, 35.67 in 2023, projected to be 157.79 in 2024E, 149.80 in 2025E, and 152.32 in 2026E [9].