公司海外认可度不断提升，业绩基本维持稳定

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first coverage [12]. Core Insights - The company has shown stable performance with a slight decline in revenue but a significant increase in net profit, indicating effective cost management and product innovation [2][13]. - The company is focusing on "product diversification" and "equipment intelligence" as its core strategies, with recent innovations receiving international recognition [13]. - The decline in sales prices due to reduced shipping costs has impacted revenue, but the company has maintained a healthy gross margin [13]. Financial Performance Summary - In 2023, the company achieved total revenue of 2.653 billion yuan, a year-on-year decrease of 0.39%, while net profit rose to 511 million yuan, an increase of 13.54% [2]. - Revenue from commercial refrigeration equipment was 1.963 billion yuan, down 1.11% year-on-year, while revenue from Western kitchen equipment increased by 4.64% to 451 million yuan [2]. - Domestic revenue surged by 91.07% to 229 million yuan, while overseas revenue decreased by 4.80% to 2.392 billion yuan [2]. Future Projections - The company is projected to achieve net profits of 664 million yuan, 796 million yuan, and 927 million yuan for the years 2024, 2025, and 2026 respectively, with EPS expected to rise to 1.58 yuan, 1.89 yuan, and 2.20 yuan [13]. - The anticipated growth rates for revenue are 20.5%, 17.0%, and 13.4% for the years 2024, 2025, and 2026 respectively [12][13]. Strategic Focus - The company emphasizes "brand autonomy" and "global market expansion," with over 70% of sales now coming from its own brands, and a strong focus on the U.S. market [13]. - The company plans to continue expanding its overseas market presence, particularly in Thailand and the UK and France, through new product launches and improved distribution channels [13].