公司简评报告：2023年扭亏为盈，计划分红比例约80%

Investment Rating - The investment rating for the company is "Accumulate" [2]. Core Views - The company has successfully turned a profit in 2023, with a planned dividend payout ratio of approximately 80% [5]. - The company is actively promoting the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative, focusing on core product development and enhancing shareholder returns [8]. - The company's revenue for 2023 is projected to be 37.28 billion yuan, representing a year-on-year growth of 16.2%, with a net profit of 4.00 billion yuan, marking a significant turnaround from losses [15]. Summary by Sections Company Basic Data - Latest closing price is 26.53 yuan, with a one-year high of 51.55 yuan and a low of 21.10 yuan [3]. - Current P/E ratio is -26.12, and the P/B ratio is 3.35 [3]. - Total shares outstanding are 1.77 billion, with a total market capitalization of 47.00 billion yuan [3]. Financial Performance - Revenue for 2022 was 32.09 billion yuan, with projections of 37.28 billion yuan for 2023, 42.97 billion yuan for 2024, and 49.20 billion yuan for 2025 [3]. - The net profit for 2022 was -2.98 billion yuan, with forecasts of 4.00 billion yuan for 2023, 4.83 billion yuan for 2024, and 5.60 billion yuan for 2025 [3]. - Earnings per share (EPS) is expected to be 2.25 yuan in 2023, 2.72 yuan in 2024, and 3.16 yuan in 2025 [3]. Revenue and Profit Growth - The company reported quarterly revenues of 6.82 billion yuan, 9.19 billion yuan, 11.03 billion yuan, and 10.23 billion yuan for Q1, Q2, Q3, and Q4 of 2023, respectively, with year-on-year growth rates of 38.98%, 17.92%, 17.06%, and 2.78% [8]. - The quarterly net profits for the same periods were 0.59 billion yuan, 0.83 billion yuan, 1.49 billion yuan, and 1.09 billion yuan, with significant year-on-year increases [8]. Channel Development - The company has made significant progress in channel adjustments, with revenue from the bulk channel reaching 18.38 billion yuan, a year-on-year increase of 28.15% [8]. - The number of franchisees has increased to 33,299, contributing to a 19.58% growth in revenue from the distribution channel [8]. Profit Forecast - The profit forecast for 2024 and 2025 is adjusted to 4.83 billion yuan and 5.60 billion yuan, respectively, with corresponding P/E ratios of 10 and 8 times based on the current market value [9].