公司信息更新报告：外销表现优于内销，业务结构优化下毛利率持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 3.153 billion yuan in 2023, a decrease of 4.64% year-on-year, with a net profit attributable to shareholders of 109 million yuan, down 42.93% [27][35] - In Q4 2023, the company achieved a revenue of 882 million yuan, a decline of 12.18%, and a net profit of 9 million yuan, down 90.39% [27][35] - For Q1 2024, the company saw a revenue recovery to 716 million yuan, an increase of 7.69%, with a net profit of 23 million yuan, up 0.52% [27][35] Revenue Breakdown - In 2023, the revenue from different business segments was as follows: Home Environment 1.389 billion yuan (-10.2%), Water Health 1.164 billion yuan (+10.3%), Personal Care 575 million yuan (-1.4%), and Life Bathroom 4 million yuan (-95.7%) [4][16] - Domestic and overseas revenue for 2023 was 2.569 billion yuan (-10.1%) and 584 million yuan (+29.8%), respectively [4][37] Profitability Metrics - The company's gross margin for 2023 was 30.76%, an increase of 1.27 percentage points, with notable improvements in Home Environment and Water Health segments [7][17] - The net profit margin for 2023 was 3.45%, down 2.31 percentage points, while the non-recurring net profit margin was 3.18%, down 2.27 percentage points [19][43] Expense Analysis - The company's expense ratio for 2023 was 27.71%, an increase of 4.57 percentage points, with significant increases in sales and management expenses [18][56] - In Q4 2023, the expense ratio rose to 29.52%, reflecting increased marketing investments and the impact of reduced revenue scale [18][56] Future Outlook - The company is expected to see a recovery in revenue growth in 2024, with projected net profits of 162 million yuan in 2024, 194 million yuan in 2025, and 226 million yuan in 2026 [27][35] - The current stock price corresponds to a P/E ratio of 32.9 for 2024, 27.5 for 2025, and 23.6 for 2026, indicating potential for future growth as strategic adjustments take effect [27][35]