Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company reported a revenue of 800 million RMB for 2023, a year-on-year decrease of 14.2%, with a net profit attributable to shareholders of 101 million RMB, down 23.2% year-on-year. However, Q4 2023 showed a revenue increase of 48.4% year-on-year, indicating a recovery trend [3][13]. - The company plans to expand its product categories and has seen a significant recovery in orders from major clients like Decathlon and IKEA, which were previously affected by high inventory and inflation [3][13]. - The gross margin for 2023 was 27.3%, an increase of 2.2 percentage points, with a notable performance in the sports and outdoor segment [3][13]. Financial Summary - Revenue and Profit Forecasts: - 2023 Revenue: 800 million RMB - 2024E Revenue: 1,022 million RMB (growth of 27.95%) - 2025E Revenue: 1,258 million RMB (growth of 23.08%) - 2026E Revenue: 1,551 million RMB (growth of 23.24%) [6][13]. - Net Profit Forecasts: - 2023 Net Profit: 101 million RMB - 2024E Net Profit: 135 million RMB (growth of 33.83%) - 2025E Net Profit: 163 million RMB (growth of 20.63%) - 2026E Net Profit: 207 million RMB (growth of 26.61%) [6][13]. Operational Analysis - The company has seen a sequential recovery in revenue growth rates from Q1 to Q4 2023, with Q4 showing a significant rebound [3][13]. - The company has successfully introduced new products in the hardware category and is expanding its customer base, which is expected to drive future growth [3][13]. - The company’s gross margin improved due to reduced raw material cost pressures, despite some short-term risks related to new project depreciation [3][13].
4Q订单修复较优，拓客户打开中期成长空间