外销延续高增，内销逐步回暖

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.44 CNY based on a 17x P/E ratio for 2024 [15][19][21]. Core Insights - The company reported a revenue of 14.647 billion CNY in 2023, a year-on-year increase of 6.94%, and a net profit attributable to shareholders of 977 million CNY, up 1.64% [14]. - In Q1 2024, the company achieved a revenue of 3.474 billion CNY, representing a 22.79% year-on-year growth, with a net profit of 173 million CNY, up 24.74% [14]. - The company's revenue from global ODM and OEM/self-owned brand businesses in 2023 was 11.942 billion CNY and 2.705 billion CNY, respectively, showing a 10% increase in ODM and a 6% decrease in OEM/self-owned brands [14]. - The gross margin for 2023 was 22.74%, an increase of approximately 1.6 percentage points year-on-year, while the net profit margin was 6.67%, a decrease of about 0.3 percentage points [14]. - The company aims to enhance production efficiency by investing in automation and new product categories, targeting a 20% efficiency improvement within three years [14]. Financial Forecast and Investment Recommendations - The company is expected to have net profits of 1.082 billion CNY, 1.236 billion CNY, and 1.361 billion CNY for 2024, 2025, and 2026, respectively [15][19]. - The report adjusts the internal sales revenue assumptions and provides a detailed financial outlook, including projected earnings per share (EPS) of 1.32 CNY, 1.50 CNY, and 1.66 CNY for the next three years [15][19].