Investment Rating - The investment rating for the company is "Buy" (maintained) [4][8]. Core Views - The company experienced a slight decline in revenue in 2023, with total revenue at 76.48 billion yuan, a year-on-year increase of 1.8%. However, the net profit attributable to shareholders decreased by 28.4% to 4.25 billion yuan [8]. - The company is focusing on accelerating new product development to enhance competitiveness and adjusting sales policies to increase market share, leading to a slight revenue increase despite profit pressure from pricing factors [8]. - The share price is currently at 9.07 yuan, with a market capitalization of 8.799 billion yuan [4]. Financial Forecasts and Indicators - Revenue projections for the upcoming years are as follows: 2024E at 84.43 billion yuan (+10.4%), 2025E at 92.58 billion yuan (+9.6%), and 2026E at 97.64 billion yuan (+5.5%) [2][8]. - The net profit forecasts are adjusted to 4.77 billion yuan for 2024, 5.63 billion yuan for 2025, and 6.27 billion yuan for 2026, reflecting year-on-year growth of 12%, 18%, and 11% respectively [8]. - Key financial ratios include a projected PE ratio of 19 for 2024, 16 for 2025, and 14 for 2026 [8]. Revenue and Profit Analysis - The company’s revenue from sanitary ceramics in 2023 was 37.4 billion yuan, up 6.6%, with smart toilets contributing 15.6 billion yuan, a growth of 12.5% [8]. - The company is expanding its retail channels, with direct sales revenue increasing by 20% to 1.04 billion yuan in 2023, while distribution revenue slightly decreased by 0.8% [8]. - The gross margin for 2023 was 28.3%, down 4.5 percentage points, and the net margin was 5.6%, down 2.3 percentage points [8].
2023年报&2024年一季报点评：收入维稳，业绩短期承压，期待后续盈利改善