Investment Rating - The investment rating for the company is "Accumulate" with a maintained rating over the next six months [13]. Core Views - The company experienced a revenue decline of 11.40% in 2023, with a net loss of 474.32 million yuan, primarily due to adverse market conditions and inventory adjustments. However, there are signs of recovery with a projected revenue increase in 2024 [12][16]. - The company is expanding its commercial product offerings, particularly in the lithium battery sector, which is expected to drive revenue growth in the coming years [12][16]. - The financial outlook for 2024-2026 shows a recovery in net profit, with estimates of 271 million yuan, 330.62 million yuan, and 385.48 million yuan respectively, indicating a positive trend in profitability [12][17]. Financial Data and Valuation - Revenue (million yuan): 2022: 5,211.11, 2023: 4,616.88, 2024E: 5,427.79, 2025E: 6,230.63, 2026E: 6,995.70 [2][17]. - Net profit (million yuan): 2022: 265.88, 2023: (474.32), 2024E: 271.00, 2025E: 330.62, 2026E: 385.48 [2][17]. - EPS (yuan/share): 2022: 0.54, 2023: (0.97), 2024E: 0.55, 2025E: 0.68, 2026E: 0.79 [2][17]. - P/E ratio: 2022: 29.35, 2023: (16.45), 2024E: 28.80, 2025E: 23.60, 2026E: 20.24 [2][17]. - Total assets (million yuan): 2022: 6,194.73, 2023: 8,459.25, 2024E: 9,278.29, 2025E: 9,375.93, 2026E: 10,911.24 [8][17]. Market and Operational Insights - The company is expected to benefit from the end of the inventory destocking cycle in 2024, with a significant increase in sales to major clients like Amazon projected to grow by approximately 80% [12][16]. - The introduction of new commercial products, including lithium-powered equipment, is part of the company's strategy to capture market share in the commercial sector [12][16]. - The gross margin for 2023 was reported at 22.72%, down 3 percentage points from the previous year, indicating challenges in maintaining profitability amidst rising costs and promotional expenses [12][16].
24Q1营收业绩双增，家用修复商用蓄力