代工业务订单环比改善，自有品牌健康发展

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - In 2023, the company's revenue increased by 1% year-on-year to 1.46 billion yuan, while net profit attributable to shareholders decreased by 24% to 110 million yuan, primarily due to a decline in OEM export business [1] - The company plans to distribute a cash dividend of 1.2 yuan per share, totaling approximately 80 million yuan, which represents 75% of the net profit for the period [1] - For Q1 2024, the company reported a revenue increase of 4% year-on-year to 360 million yuan and a net profit increase of 9% to 30 million yuan [1] - The domestic self-owned brand business is expanding, with revenue growth of 31% in 2023 and a forecasted healthy growth for 2024 [1] - The OEM business faced challenges in 2023 but showed signs of recovery in Q1 2024, with a 14% year-on-year increase in revenue [1] Summary by Sections Financial Performance - 2023 revenue was 1.46 billion yuan, with a net profit of 110 million yuan, reflecting a 24% decline [1] - Q4 2023 revenue was 300 million yuan, up 8% year-on-year, but the company reported a slight loss in net profit [1] - For 2024, revenue is projected to grow to 1.67 billion yuan, with net profit expected to reach 115 million yuan [11] Business Segments - The self-owned brand revenue for 2023 was 926 million yuan, growing by 31%, while Q1 2024 saw a slight decline of 9% [1] - The OEM business revenue for 2023 was 529 million yuan, down 26%, but improved by 14% in Q1 2024 [1] Operational Metrics - As of Q1 2024, inventory decreased by 14.6% year-on-year to 570 million yuan, indicating improved operational efficiency [1] - The company’s cash flow from operating activities was 280 million yuan in 2023, approximately 2.6 times the net profit for the same period [1] Future Outlook - The company expects stable growth in both revenue and net profit for 2024, driven by improved OEM orders and a strong performance in self-owned brand sales [1]