SOLEX(603992)2024-05-17 07:37Group 1: Company Overview and Strategy - The company operates under the "IDM hardware invisible champion incubation platform" strategy, focusing on kitchen and bathroom health products, beauty health products, and emerging smart health products [2] - The company aims to enhance product value through shared models, manufacturing, and technology, targeting high-value IDM hardware products for global brands and retailers [2] Group 2: Financial Performance - In 2023, the company achieved a revenue of 298,341.99 million yuan, a decrease of 6.20% year-on-year, with overseas revenue at 194,027.07 million yuan (down 10.26%) and domestic revenue at 104,314.91 million yuan (up 2.42%) [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 35,773.74 million yuan, reflecting a year-on-year increase of 24.21% [2] Group 3: Revenue Sources - The main revenue sources are from kitchen and bathroom products and beauty health products, with kitchen products generating 2.615 billion yuan (down 7.46%) and beauty health products generating 259 million yuan (up 79.19%) in 2023 [3] Group 4: Revenue Decline Reasons - The decline in revenue is primarily attributed to a drop in kitchen product sales, influenced by macroeconomic conditions and clients' inventory reduction strategies [4] - In Q1 2024, the company reported a revenue growth of 12.61%, with both kitchen and beauty health categories showing double-digit growth [5] Group 5: Product Development and Future Plans - The company is currently developing smart health products such as anti-snoring pillows and sleep aids, with revenue expected to start in 2023 and increase annually [6] - The construction of the Vietnam factory is underway, with plans to complete building and equipment installation this year and start production in the second half of next year, involving an investment of approximately 300 million yuan [7] Group 6: Future Revenue Contribution - The revenue contribution from the Vietnam factory for the next year is uncertain and will depend on initial market operations [8]