高质量成长，分红率提升

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [2]. Core Views - The company has demonstrated resilient growth despite a slight decline in the domestic general lighting market, achieving a revenue of 7.79 billion yuan in 2023, a year-on-year increase of 7.22% [1][3]. - The company is focusing on high-quality development through cost optimization and digital transformation, leading to an increase in gross margin to 40.3% in 2023, up by 4.6 percentage points year-on-year [4]. - The company plans to distribute a cash dividend of 8.5 yuan per 10 shares, totaling 630 million yuan, reflecting a cash dividend ratio of 67.7% [3]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 924.07 million yuan, a year-on-year increase of 17.85%, with a non-recurring net profit of 850 million yuan, up by 34.17% [3][7]. - The company’s revenue is projected to grow to 8.65 billion yuan in 2024, with a growth rate of 11.01% [7][12]. - The earnings per share (EPS) for 2023 is 1.24 yuan, with projections of 1.40 yuan for 2024 [7][12]. Market Position and Strategy - The company is a leader in the domestic home lighting sector, focusing on diversified channel development and enhancing product competitiveness [5]. - The company is leveraging opportunities in the smart lighting sector and expanding its product applications and sales markets, particularly in commercial lighting [5]. - The overseas business segment generated 740 million yuan in revenue in 2023, reflecting a year-on-year growth of 6% [1]. Cost and Profitability - The company’s operating expenses for 2023 were 18.5% for sales, 4.1% for management, and 5.4% for R&D, with a net profit margin of 11.9% [4][7]. - The gross margin for 2023 was 40.3%, indicating effective cost management and product positioning [4]. Future Outlook - The company is expected to achieve net profits of 1.05 billion yuan, 1.18 billion yuan, and 1.33 billion yuan for the years 2024, 2025, and 2026, respectively [5][7]. - The price-to-earnings (P/E) ratio is projected to decrease from 14.43 in 2023 to 10.01 by 2026, indicating potential for value appreciation [7][12].