23年业绩承压，保持高分红

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 14.27 yuan per share based on a 13x PE for 2024 [4][19]. Core Views - The company reported a revenue of 831 million yuan in 2023, a year-on-year decrease of 12.2%, and a net profit of 190 million yuan, down 11.5% year-on-year. The gross margin was 46.9%, up 0.8 percentage points, while the net margin was 22.8%, up 0.2 percentage points. The overall performance was under pressure due to fluctuations in the real estate market, leading to a contraction in the kitchen appliance market [1][4]. - The company is expected to see a gradual recovery in net profit, with projections of 202 million yuan in 2024, reflecting a growth rate of 6.5% [4][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 831 million yuan, with a year-on-year decline of 12.2%. The EBITDA was 209 million yuan, and the net profit attributable to shareholders was 190 million yuan, down 11.5% year-on-year. The gross margin was 46.9%, and the net margin was 22.8% [1][6]. - For Q1 2024, the company reported a revenue of 120 million yuan, a significant year-on-year decrease of 33.0%, and a net profit of 20 million yuan, down 44.5% year-on-year [17]. Future Projections - The company forecasts net profits of 202 million yuan in 2024, 212 million yuan in 2025, and 223 million yuan in 2026, with respective growth rates of 6.5%, 5.2%, and 4.8% [4][6]. - The revenue is expected to recover to 888 million yuan in 2024, with a growth rate of 6.9% [6]. Market Position and Strategy - The company aims to enhance its market share through policy incentives and deepening channel strategies. The "old-for-new" policy is anticipated to create broader growth opportunities in the integrated stove market, which is expected to rebound from its current low [5]. - In 2023, the company added and optimized over 100 distributors, maintaining nearly 1,300 distributors and improving their quality. The company also renovated its fifth-generation image stores to achieve full coverage in county-level cities [5].