自有品牌竞争力突出

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting an expected return of over 20% within the next six months [11][24]. Core Insights - The company has demonstrated strong revenue growth, with a 32% year-on-year increase in Q1 2024, driven by recovering overseas orders and growing domestic demand in the smart bathroom market [1]. - The company is focusing on enhancing its product offerings and brand presence, with plans to introduce new products that cater to consumer needs and preferences, particularly in health, environmental, and hygiene aspects [8][10]. - The company is actively optimizing its product structure and expanding its own brand in the domestic market, which has helped mitigate the impact of declining overseas orders [9]. Financial Performance - In 2023, the company reported revenues of 2.18 billion, an increase of 11.5% year-on-year, and a net profit of 218.58 million, reflecting a growth of 3.6% [4][15]. - The gross margin improved to 29.5%, up by 4.7 percentage points year-on-year, while the net margin was 9.9%, down by 0.8 percentage points [4]. - For Q4 2023, the company achieved revenues of 640 million, an increase of 11.3% year-on-year, although net profit decreased by 24.8% [6]. Product and Market Strategy - The company is enhancing its product matrix by introducing a light smart series priced below 2000 yuan and high-value products under 3000 yuan, alongside high-end offerings [10]. - The company is expanding its online presence through platforms like Tmall, Douyin, and JD, while also increasing its offline distribution in building materials and home appliance stores [10]. - The company plans to continue launching new products in 2024, guided by consumer demand and market trends [8]. Regional Performance - In 2023, domestic sales reached 1.65 billion, a year-on-year increase of 17.3%, while overseas sales were 540 million, a decline of 3.2% [7]. - The company anticipates a recovery in overseas OEM business, particularly benefiting from the recovery in the US real estate market [11].