量价齐升，业绩超预期

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported revenue of 4.29 billion yuan, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 450 million yuan, up 16.8% year-on-year, exceeding previous expectations [3] - The company achieved a sales volume of 867,000 tons, a year-on-year increase of 5.3%, with an average price per ton of 4,820 yuan, up 1.3% year-on-year, indicating a rise in both volume and price [4] - The gross profit margin improved to 47.9%, an increase of 2.7 percentage points year-on-year, attributed to reduced cost pressures and growth in high-end products [5] - The company maintains a strong brand matrix with a focus on both local and international high-end brands, which is expected to drive growth in the coming year [6] - Revenue forecasts for 2024-2026 are 15.79 billion, 16.80 billion, and 17.59 billion yuan respectively, with EPS estimates of 3.05, 3.30, and 3.56 yuan, corresponding to PE ratios of 23, 21, and 20 times [7] Summary by Sections Financial Performance - The company achieved a total revenue of 14.82 billion yuan in 2023, with a projected growth to 15.79 billion yuan in 2024, reflecting a year-on-year growth of 6.6% [9] - The net profit attributable to shareholders is expected to grow from 1.34 billion yuan in 2023 to 1.48 billion yuan in 2024, representing a year-on-year increase of 10.6% [9] - The gross profit margin is projected to stabilize around 49.2% in 2024 [9] Cost and Profitability - The company’s operating expenses are expected to increase, with sales expenses projected at 2.68 billion yuan in 2024 [26] - The net profit margin is expected to remain robust, with a forecast of 10.53% for 2024 [5][26] Market Position and Strategy - The company is focusing on enhancing its product mix and leveraging successful experiences from its high-end products to drive growth in mainstream products [6] - The anticipated launch of the Foshan factory in 2024 is expected to contribute positively to the company's operational capacity and profitability [7]