2023A&2024Q1业绩点评：自主品牌表现亮眼，美国工厂有望受益于反倾销

Investment Rating - The report maintains a "Buy" rating for the company [13]. Core Insights - The company has shown strong performance in domestic sales and rapid growth in overseas e-commerce. The gross profit margin has significantly improved year-on-year, although sales and financial expenses have impacted the net profit margin [4][11]. - The company is expected to benefit from the U.S. anti-dumping duties, with its U.S. factory having the potential for quick market response due to underutilized capacity. The initial ruling on Spain's tariffs is better than expected, maintaining export capabilities to the U.S. [5][11]. - The company's self-owned brand revenue has begun to scale, supported by marketing efforts and integration of online and offline channels, with expectations for continued growth in this segment [5][11]. Financial Performance Summary - In 2023, the company achieved revenue of 7.976 billion yuan, a year-on-year decrease of 0.52%, while the net profit attributable to shareholders was 107 million yuan, an increase of 157.74%. The first quarter of 2024 saw revenue of 1.819 billion yuan, up 7.08% year-on-year, with a net profit of 20 million yuan, up 18.18% [8][11]. - The gross profit margin for 2023 reached 38.35%, an increase of 7.31 percentage points year-on-year, while the first quarter of 2024 saw a gross profit margin of 38.52%, up 2.52 percentage points [10][11]. - The company’s domestic sales in 2023 reached 1.431 billion yuan, a year-on-year increase of 44.50%, with significant growth across various channels [9][11]. Future Projections - Revenue projections for 2024-2026 are 9.571 billion, 11.342 billion, and 13.043 billion yuan, representing year-on-year growth rates of 20.00%, 18.50%, and 15.00%, respectively. Net profit attributable to shareholders is projected to be 233 million, 344 million, and 446 million yuan for the same years, with respective growth rates of 118.86%, 47.55%, and 29.57% [11][12]. - The report anticipates that the company will recover its operational status by 2025, with a target price of 12.60 yuan based on a 21 times price-to-earnings ratio for that year [11].