高基数下短期承压，静待需求复苏

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [12]. Core Views - The company is recognized as a leader in the small kitchen appliance sector, with ongoing diversification into new product categories. Despite a weak domestic consumption environment and high base effects leading to slight performance pressure, channel restructuring is expected to enhance efficiency and cost control, awaiting subsequent profit improvements [12]. - The earnings per share (EPS) forecasts for 2024-2026 are projected at 3.15, 3.50, and 3.88 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17.5, 15.7, and 14.2 based on the closing price on April 26 [12]. Financial Summary - For Q1 2024, the company reported revenue of 1.194 billion yuan, a year-on-year decrease of 4.58%. The net profit attributable to the parent company was 151 million yuan, down 8.53% year-on-year, while the net profit excluding non-recurring items was 115 million yuan, a decline of 24.26% [13]. - The gross margin for Q1 2024 was 38.51%, reflecting a decrease of 1.25 percentage points year-on-year, and the net profit margin was 12.63%, down 0.54 percentage points year-on-year [13]. - The company’s revenue for 2023 was 4.712 billion yuan, with a projected growth of 14.4%. The net profit for the same year was 445 million yuan, with a year-on-year growth of 15.2% [7][12]. Market Data - As of April 26, 2024, the closing price of the company's stock was 54.97 yuan, with a total share capital of 156.85 million shares and a net asset value of 5.37082 billion yuan [6]. - The company’s total assets amounted to 2.88422 billion yuan, with a net asset per share of 18.39 yuan [6]. Future Projections - The company is expected to see revenue growth of 10.2% in 2024, 9.1% in 2025, and 8.7% in 2026, with net profit growth projected at 10.9% for 2024 and 11.0% for both 2025 and 2026 [7][12]. - The gross margin is anticipated to improve gradually, reaching 37.5% by 2026 [7]. Conclusion - The report highlights the company's strategic adjustments and market positioning, suggesting a potential recovery in profitability as the high base effects diminish and operational efficiencies are realized [12][13].