龙头地位稳固，稳定分红凸显长期价值

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.30 CNY over the next six months [1][11]. Core Insights - The company reported a revenue of 11.2 billion CNY in 2023, a year-on-year increase of 9.06%, and a net profit attributable to shareholders of 1.73 billion CNY, up 10.2% year-on-year [2][4]. - The company plans to distribute a total dividend of 472 million CNY for 2023, resulting in a dividend payout ratio of 54% [2][4]. - The kitchen appliance industry has shown signs of recovery after five consecutive years of decline, with a retail market growth of 5.3% in 2023 [2][4]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 3.27 billion CNY, a 7.7% increase year-on-year, and a net profit of 360 million CNY, up 6.2% year-on-year [2]. - For Q1 2024, the company reported a revenue of 2.24 billion CNY, a 2.8% increase year-on-year, and a net profit of 400 million CNY, up 2.5% year-on-year [2]. Market Position - The company holds a market share of 31.5% in the kitchen appliance package retail sector, reflecting a 1% increase from the previous year [2]. - The revenue from the company's range hood segment grew by 10.1%, and the stove segment increased by 8.7%, both surpassing the industry average [2]. Profitability and Risk Management - The company's gross profit margin for 2023 was 50.6%, with stable expense ratios [2][4]. - The company has reduced its bad debt risk, with a bad debt provision of 77.54 million CNY and a significant difference between accounts receivable and bad debt reserves [2]. Future Outlook - The company has announced a new equity incentive plan and a partner shareholding plan, aiming for a compound annual growth rate of 5% to trigger incentives and 10% as a target for 2024-2026 [3]. - The earnings per share (EPS) are projected to be 2.02 CNY, 2.18 CNY, and 2.39 CNY for 2024, 2025, and 2026, respectively [3][4].