营收因结构优化而承压，Q1边际改善

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's revenue decreased by 11.5% year-on-year in 2023, totaling 8.79 billion yuan, while the net profit attributable to shareholders increased by 8.4% to 1.12 billion yuan [1][12] - In Q1 2024, the company achieved a revenue of 2.31 billion yuan, representing a year-on-year growth of 11.7%, and a net profit of 270 million yuan, up 36% year-on-year [1][12] - The company is focusing on optimizing its business structure, which has led to a decline in revenue but an improvement in profit margins [2][11] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 8.79 billion yuan, down 11.5% year-on-year, with a net profit of 1.12 billion yuan, up 8.4% [1][12] - Q4 2023 revenue was 3.01 billion yuan, down 6% year-on-year, while net profit increased by 53.5% to 320 million yuan [1] - For Q1 2024, revenue was 2.31 billion yuan, up 11.7% year-on-year, with net profit also increasing by 36% [1][12] Business Structure and Revenue Sources - The decline in revenue is attributed to reduced demand in Europe and the US, along with the company's decision to abandon lower-margin businesses [2] - The company sold 13.46 million units of cleaning and health appliances, down 7.4% year-on-year, while sales of gardening tools and components increased by 2.5% to 132.76 million units [2] - Revenue from exports was 5.83 billion yuan, down 6.5%, while domestic sales fell by 20.2% to 2.78 billion yuan [2] Profitability and Margin Improvement - The gross margin for 2023 improved by 2.6 percentage points to 25.6%, with cleaning and health appliances achieving a gross margin of 26.4% [11] - The company expects gross margins for cleaning and health appliances to improve to 26% in 2024 and further in subsequent years [7] - The net profit margin for 2023 increased by 1.7 percentage points to 12.7%, indicating enhanced profitability [11] Future Outlook - The company anticipates revenue growth of 15.8% in 2024, reaching approximately 10.18 billion yuan, with net profit projected to grow by 10.85% to 1.24 billion yuan [13] - EPS is expected to be 2.16 yuan in 2024, increasing to 3.02 yuan by 2026 [12][16]