拓展营销渠道，丰富产品品类

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [13] Core Insights - The company reported a revenue of 846 million yuan in 2023, a decrease of 25% year-on-year, with a net profit of 228 million yuan, down 4.9% [5][7] - The gross margin for 2023 was 32.5%, an increase of 5.1 percentage points, while the net margin was 27.3%, up 6.1 percentage points [9][11] - The company is focusing on expanding marketing channels and enhancing product categories, including a successful acquisition of a 50.5% stake in Jiangsu Akem Camping Products Co., which will enrich its tent product line [10][11] Financial Summary - Revenue is projected to recover to 1,146 million yuan in 2024, with a growth rate of 35.55%, and further increase to 1,297 million yuan in 2025 and 1,481 million yuan in 2026 [17] - The net profit attributable to the parent company is expected to be 270 million yuan in 2024, 311 million yuan in 2025, and 365 million yuan in 2026, with corresponding EPS of 4.04, 4.65, and 5.44 yuan per share [7][17] - The company’s total assets are projected to grow from 1,740 million yuan in 2023 to 3,084 million yuan by 2026 [3][17] Operational Performance - The company’s operating profit for 2023 was 272 million yuan, with a slight decrease from the previous year [17] - The company has been actively reducing costs and increasing efficiency, achieving a total expense ratio of 2.3% in 2023, down 0.7 percentage points from the previous year [9][11] - The company plans to build an intelligent production workshop in Vietnam to optimize production management and enhance competitiveness in the outdoor products manufacturing sector [11]