2023年年报及2024年一季报点评：内销边际企稳，外销景气延续

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's domestic sales are stabilizing while external sales continue to show strong performance [7] - The company achieved a revenue of 14.6 billion yuan in 2023, representing a year-on-year increase of 7%, with a net profit of 1 billion yuan, up 2% year-on-year [6][9] - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares to all shareholders [6] Revenue Performance - In 2023, the company's domestic and foreign sales were 3.8 billion yuan and 10.8 billion yuan respectively, with year-on-year changes of -3% and +11% [7] - In Q4 2023, the company reported a revenue of 3.9 billion yuan, a year-on-year increase of 31%, and a net profit of 200 million yuan, up 105% year-on-year [6][9] - For Q1 2024, the company achieved a revenue of 3.5 billion yuan, a year-on-year increase of 23%, with a net profit of 200 million yuan, up 25% year-on-year [6][9] Profitability and Cost Management - The company's gross margin for 2023 was 22.7%, an increase of 1.6 percentage points year-on-year, attributed to lower raw material costs and ongoing cost reduction measures [8] - The overall expense ratio for 2023 increased by 2.2 percentage points year-on-year, while in Q1 2024, it decreased by 3.4 percentage points [8] - The net profit margin for 2023 was 6.7%, slightly down by 0.4 percentage points year-on-year, indicating stable profitability [8] Forecast and Valuation - The company is positioned as a leading player in the small home appliance ODM sector, with an upward revision of net profit forecasts for 2024-2026 to 1.14 billion, 1.28 billion, and 1.45 billion yuan respectively [9] - The current stock price corresponds to a price-to-earnings ratio of 12, 11, and 9 times for the years 2024, 2025, and 2026 respectively [9]