提效育能促进利润率向好，内外贸转型变革实现成长

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a revenue of 19.212 billion yuan in 2023, representing a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 2.006 billion yuan, up 10.7% year-on-year [1]. - The company's gross profit margin for 2023 was 32.83%, an increase of 2 percentage points year-on-year, with a gross profit margin of 34.18% in Q4 2023 [1]. - The company is experiencing positive contributions from the rapid release of production capacity in Vietnam, leading to improved overall profitability [1]. - The company is focusing on both domestic and international sales growth, with domestic sales reaching 10.935 billion yuan in 2023, a year-on-year increase of 6.13% [1]. - The company is actively expanding its presence in new channels and enhancing its product offerings, including a focus on integrated home solutions [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 4.35 billion yuan, a year-on-year increase of 5.02%, and a net profit of 420 million yuan, up 5.02% year-on-year [1]. - The company’s net profit margin for 2023 was 10.44%, with a projected increase in net profit to 2.314 billion yuan in 2024, reflecting a growth rate of 15.34% [2]. Profitability Metrics - The company’s operating profit for 2023 was 2.288 billion yuan, with a projected operating profit of 2.654 billion yuan in 2024 [3]. - The report forecasts an EPS of 2.82 yuan for 2024, with a PE ratio of 11.86 [2]. Market Strategy - The company is enhancing its collaboration with major clients and exploring new customer acquisition, including establishing flagship stores in India [1]. - The company aims to maintain rapid growth in high-potential product categories and is focusing on integrated home space products [1].