惠达卫浴：信用减值拖累盈利，2024年有望重回增长

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 9.30, while the last rating was also "Accumulate" [9][10]. Core Views - The company's performance in 2023 was impacted by credit impairment provisions, but it is expected to return to growth in 2024 due to continuous product iteration and diversified channel expansion [9][10]. - The company achieved a revenue of 3.604 billion in 2023, reflecting a growth of 5.38%, while the net profit attributable to shareholders was -0.197 billion, a decrease of 253.39% [9][10]. - The gross margin improved by 0.53 percentage points in 2023, primarily driven by the hardware and bathroom cabinet segments [9][10]. Summary by Sections Financial Performance - The company reported a revenue of 3.604 billion in 2023, with a projected revenue of 3.723 billion for 2024 and 4.165 billion for 2025 [10]. - The net profit attributable to shareholders is expected to recover to 0.238 billion in 2024 and further to 0.319 billion in 2026 [10]. - The earnings per share (EPS) forecast for 2024 is 0.62, increasing to 0.84 by 2026 [9][10]. Market Position and Strategy - The company is focusing on product optimization, with notable growth in smart and hardware categories, particularly the 007 series of smart toilets [9][10]. - The retail channel expansion includes a plan to increase the number and quality of distributors, with a target of adding 1,198 new first-level distributors by the end of 2023 [9][10]. - The company has established partnerships with various home decoration companies, enhancing its market position [9][10]. Profitability Metrics - The report indicates a projected operating profit margin of 8.1% for 2024, recovering from -6.3% in 2023 [10]. - The return on equity (ROE) is expected to improve to 6.2% in 2024, up from -5.4% in 2023 [10]. - The company’s gross margin is anticipated to continue improving, supported by a better product mix and cost management [9][10].