Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Views - The company's Q4 performance met expectations, and a recovery is anticipated in 2024 due to market environment changes and product structure adjustments [6]. - The forecast for net profit attributable to the parent company for 2024-2026 has been revised down to 1.94 billion, 2.28 billion, and 2.61 billion RMB respectively, with the latest closing price corresponding to PE ratios of 19, 16, and 14 times [6]. - The manufacturing business is steadily recovering, and the proprietary brand APV products continue to show high growth [6]. Summary by Sections Financial Performance - In 2023, the company's revenue was 11.177 billion RMB, down 8% year-on-year, with a projected revenue of 13.2407 billion RMB for 2024, representing an 18% increase [7]. - The net profit for 2023 was 1.645 billion RMB, a decrease of 34% year-on-year, with an expected recovery to 1.942 billion RMB in 2024, an 18% increase [7]. - The gross profit margin and management expense ratio improved, with a net profit margin of 15.3% in H2 2023, up 1.3 percentage points from the previous period [6]. Market Dynamics - The U.S. revenue for H2 2023 was 2.02 billion RMB, down 6.3% year-on-year, while the European revenue was 2.72 billion RMB, also down 6.3% year-on-year but up 15.8% quarter-on-quarter [6]. - Domestic sales revenue in H2 2023 was 0.1 billion RMB, down 81.6% year-on-year but up 62.5% quarter-on-quarter, indicating a recovery as non-compliant products impact diminishes [6]. - The company is expected to benefit from market improvements due to regulatory actions against non-compliant products in both domestic and international markets [6].
2023年业绩点评：Q4业绩符合预期，2024年复苏可期