行业景气度复苏，公司降幅收窄

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 15.502 billion yuan in 2023, a year-on-year increase of 1.16%, but the net profit attributable to shareholders decreased by 63.96% to 612 million yuan [1] - The company's Q4 2023 revenue was 4.42% higher year-on-year, while the net profit dropped significantly by 98.54% [1] - The first quarter of 2024 showed a revenue increase of 7.35% year-on-year, with a net profit of 298 million yuan, a decrease of 8.71% compared to the previous year [1] - The decline in the vacuum cleaner business was noted, while the Tineco brand performed well, with revenue growth of 5.24% [1] - The international strategy is showing results, with overseas revenue for the company increasing by 20.1% and Tineco by 40.5% in 2023 [1] Financial Performance Summary - The company's gross margin for Q4 2023 and Q1 2024 was 46.46% and 47.17%, respectively, reflecting a year-on-year decline of 8.8 percentage points and 3.5 percentage points [2] - The net profit margin for Q4 2023 and Q1 2024 was 0.16% and 8.58%, respectively, with a year-on-year decline of 10.92 percentage points and 1.5 percentage points [2] - The company expects net profits for 2024, 2025, and 2026 to be 1.43 billion, 1.74 billion, and 2.10 billion yuan, respectively, with growth rates of 133.6%, 21.8%, and 20.6% [2] Industry Overview - The vacuum cleaner industry is expected to recover in 2024, with online sales growth rates of 38.27% and 33.83% year-on-year in Q1 2024 [1] - The floor washing machine industry continues to grow, with Tineco achieving a market share of 44.45% in Q1 2024, with online sales growth rates of 22.17% and 64.64% [1]