一季度业绩向好，海外订单回暖

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential return of over 20% within the next six months [14][26]. Core Insights - The company has consistently maintained a high dividend payout ratio above 70% since 2018, with a proposed cash dividend of 10 yuan per 10 shares in 2023, totaling 358 million yuan, which represents 93.22% of the net profit for the year [1]. - In Q1 2024, the company reported total revenue of 325 million yuan, a year-on-year increase of 20.37%, and a net profit attributable to the parent company of 95 million yuan, up 22.42% year-on-year [4]. - The company is recognized as an "invisible champion" in the pump industry, benefiting from a strong export chain and high dividend yields [5]. Financial Performance Summary - The company achieved total revenue of 1.316 billion yuan in 2023, a decrease of 11.32% year-on-year, with a net profit of 384 million yuan, down 9.06% year-on-year. The overall gross margin for the year was 37.91%, an increase of 2.1 percentage points [17]. - The gross margin for Q1 2024 was reported at 36.46%, with a net margin of 29.11%, reflecting a year-on-year decrease in gross margin but an increase in net margin [9]. - Revenue from different product segments in 2023 included: 555.6 million yuan from plastic bathroom pumps (down 29.47%), 507 million yuan from stainless steel pumps (up 10.47%), and 220 million yuan from general pumps (up 24.83%) [10]. Regional Revenue Breakdown - In 2023, domestic sales accounted for 649 million yuan (49.6% of total revenue), with a year-on-year increase of 8.29%, while international sales were 660 million yuan (50.4% of total revenue), down 24.7% year-on-year [10]. Future Projections - The company’s projected net profits for 2024, 2025, and 2026 are 455 million yuan, 515 million yuan, and 572 million yuan, respectively, with corresponding price-to-earnings ratios of 18, 15, and 14 [11]. - The report anticipates a gradual recovery in orders as overseas inventory is consumed and domestic economic conditions improve [18].