Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 12.95 CNY, based on a 35x PE for 2024 [13]. Core Insights - The company reported a revenue of 3.153 billion CNY for 2023, a decrease of 4.64% year-on-year, and a net profit of 109 million CNY, down 42.93% year-on-year. However, Q1 2024 showed signs of recovery with a revenue increase of 7.69% year-on-year [2][3]. - The company is focusing on its core business by gradually divesting non-core operations, which has led to a narrower revenue decline when excluding these impacts [3]. - The overseas sales segment performed well, with a 29.8% year-on-year increase, contributing 5.8 billion CNY to total revenue, accounting for 18.5% of the total [3]. Financial Performance Summary - For 2023, the company achieved a gross margin improvement, with domestic and international gross margins increasing by 0.4 percentage points and 4.7 percentage points, respectively [3]. - The company maintained significant investment in sales and R&D, leading to increased sales expenses by 18.7% and R&D expenses by 23.5% in 2023 [3]. - The forecast for 2024 and 2025 indicates expected revenues of 3.679 billion CNY and 4.232 billion CNY, with year-on-year growth rates of 16.67% and 15.02%, respectively [6]. Business Development Outlook - The company is expected to see a stable growth trajectory in 2024, driven by the strong brand influence of Philips and the introduction of new product categories such as fitness equipment [3]. - The report highlights that the company is entering a new fiscal year with a leaner operational structure, which is anticipated to facilitate improved revenue growth moving forward [3].
2023A&2024Q1业绩点评： 轻装上阵，关注经营拐点