Q1业绩增速亮眼，长期经营稳健

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has shown a steady improvement in profit margins due to cost reduction and efficiency enhancement measures, with a long-term positive outlook on profitability [6] - The revenue for 2023 was affected by weak demand in high-end consumer products, but a recovery is expected in 2024 through increased market share with existing clients and new customer acquisition [6] - The company has adjusted its profit forecasts, expecting net profits of 1.654 billion, 1.827 billion, and 2.010 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 15%, 10.5%, and 10% [6] Financial Summary - For 2023, the company reported revenues of 15.223 billion yuan, a decrease of 7% year-on-year, with a net profit of 1.438 billion yuan, down 3.3% [6] - The gross margin for 2023 was 26.2%, with a projected decline to 24.2% in 2024, followed by a slight recovery in subsequent years [5][6] - The company plans to maintain a dividend payout ratio of no less than 60% for 2024-2025, with a total dividend of 870 million yuan for 2023 [5]