2023A和2024Q1财报点评：内销边际好转，外销持续高增

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 22.00, up from the previous target of 19.00 [34][45]. Core Insights - The report highlights a recovery in domestic sales margins and sustained high growth in exports. The company is expected to continue benefiting from order replenishment in exports while domestic brand initiatives are anticipated to drive further recovery in domestic sales [34][45]. - The earnings forecast for 2024-2026 has been raised, with expected EPS of 1.43, 1.59, and 1.73 respectively, reflecting year-on-year growth of 20%, 12%, and 9% [34][45]. Financial Performance Summary - In 2023, the company achieved a revenue of 146.47 billion, a year-on-year increase of 7%, with a net profit of 9.77 billion, up 1.64% [34][45]. - For Q1 2024, the company reported a revenue of 34.74 billion, a year-on-year increase of 22.79%, and a net profit of 1.73 billion, up 24.74% [34][45]. - The gross profit margin for 2023 was 22.74%, with a net profit margin of 7.15% [50][51]. Sales and Market Trends - Export sales continued to show strong growth, with a 30% year-on-year increase in Q1 2024. Domestic sales also improved, with a 7% increase in the same period [19][47]. - The company plans to expand its product lines into home appliances, baby electronics, personal care, and refrigeration sectors while enhancing its domestic brand business [49]. Cost and Profitability Analysis - The report indicates an increase in gross margins due to favorable currency exchange rates, with domestic gross margins at 27.74% and export margins at 20.96% for 2023 [23][50]. - The company’s operating expenses have been managed effectively, with a decrease in the expense ratios for sales, management, and R&D in recent quarters [24][52]. Cash Flow and Financial Health - The company reported a healthy cash flow position, with a net cash flow from operating activities of 19.09 billion in 2023, reflecting a year-on-year increase [55][54]. - As of Q1 2024, the company had cash and cash equivalents plus trading financial assets totaling 34.72 billion, indicating a slight decrease from the previous year [28][54].