老板电器：营收规模持续提升，扣非利润韧性增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company achieved a revenue of 11.202 billion yuan in 2023, representing a year-on-year growth of 9.06%. The net profit attributable to shareholders was 1.733 billion yuan, up 10.2% year-on-year, while the net profit excluding non-recurring items was 1.584 billion yuan, an increase of 7.06% year-on-year [4][5]. - In Q4 2023, the company reported a revenue of 3.269 billion yuan, a year-on-year increase of 7.71%, with a net profit of 360 million yuan, up 6.18% year-on-year. However, the net profit excluding non-recurring items decreased by 13.4% to 300 million yuan [4][5]. - For Q1 2024, the company recorded a revenue of 2.237 billion yuan, a growth of 2.75% year-on-year, with a net profit of 398 million yuan, up 2.49% year-on-year, and a net profit excluding non-recurring items of 353 million yuan, an increase of 3.34% year-on-year [4][5]. Revenue Performance - The company's revenue growth in 2023 was driven by strong performance in key product categories, with revenue from range hoods, gas stoves, dishwashers, and integrated machines growing by 10.13%, 8.71%, 27.94%, and declining by 7.06% respectively [5]. - The retail and e-commerce channels experienced double-digit growth, while the engineering channel faced significant declines due to a sluggish real estate market, with the overall kitchen appliance market seeing a 21.2% drop in new projects [5]. Profitability and Cost Management - The gross margin for 2023 was 50.65%, an improvement of 0.67 percentage points, attributed to enhanced cost management practices [5]. - In Q1 2024, the gross margin remained at 50.65%, but saw a decline of 4.14 percentage points due to the introduction of lower-margin products and rising raw material costs [5]. Future Outlook - The company is positioned as a leading brand in the kitchen appliance sector, with plans to explore new product directions and expand into dishwashers and integrated stoves, which may open up additional market opportunities [6]. - Forecasted net profits for 2024, 2025, and 2026 are expected to be 1.899 billion yuan, 2.086 billion yuan, and 2.309 billion yuan respectively, with corresponding price-to-earnings ratios of 13.46, 12.25, and 11.07 [6].