2023年品牌业务引领增长，2024年一季度代工业务回暖

Investment Rating - The investment rating for the company is "Accumulate" [7][8]. Core Views - The company's revenue in 2023 saw a slight increase of 1.4% to 1.456 billion yuan, primarily driven by its proprietary brand business, particularly the DaMu brand equipment [7]. - Despite the increase in revenue, net profit decreased by 24.1% to 107 million yuan due to rising expense ratios, which increased by 2.1 percentage points to 17.5% [7]. - The first quarter of 2024 is expected to see a recovery in the OEM/ODM business, with revenue increasing by 3.7% to 360 million yuan, benefiting from a rebound in demand from overseas clients [7]. - The company has implemented a strategy to expand product categories, target new demographics, and enhance distribution channels, leading to a 31.3% increase in proprietary brand revenue to 930 million yuan in 2023 [7]. Financial Forecasts and Metrics - Revenue Forecast (in million yuan): - 2022: 1,436 - 2023: 1,456 - 2024E: 1,635 - 2025E: 1,814 - 2026E: 2,000 - Net Profit Forecast (in million yuan): - 2022: 141 - 2023: 107 - 2024E: 128 - 2025E: 150 - 2026E: 175 - Earnings Per Share (EPS) Forecast (in yuan): - 2022: 2.11 - 2023: 1.60 - 2024E: 1.93 - 2025E: 2.25 - 2026E: 2.62 - Return on Equity (ROE) Forecast: - 2022: 26.3% - 2023: 18.8% - 2024E: 20.3% - 2025E: 21.3% - 2026E: 22.0% [2][17][40]. Valuation - The reasonable valuation range has been adjusted to 34.70 - 36.60 yuan, down from the previous range of 40.40 - 42.90 yuan, corresponding to a PE ratio of 18-19x for 2024 [7][40].