ZBOM(SH:603801)2024-03-12 16:00Investment Rating - The investment rating for the company is "Recommended" (maintained) [3][12]. Core Views - The company achieved a double-digit growth in performance for 2023, with a revenue of 6.116 billion yuan, representing a year-on-year increase of 13.5%. The net profit attributable to the parent company was 595 million yuan, up 10.78% year-on-year [12]. - The company is actively expanding its channel layout and exploring new retail strategies, which are expected to drive future growth [13]. - The company has seen significant growth in its overseas business, with expansion into retail franchises in countries like Thailand, Cambodia, and the Philippines [13]. Financial Summary - For 2023, the company reported total revenue of 6.116 billion yuan, with a net profit of 595 million yuan and a non-recurring net profit of 548 million yuan [12]. - The earnings per share (EPS) for 2023 is projected to be 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 12X for 2023, 10X for 2024, and 9X for 2025 [13][14]. - The company expects to maintain a growth trajectory with projected revenues of 6.957 billion yuan in 2024 and 7.936 billion yuan in 2025, reflecting year-on-year growth rates of 13.75% and 14.07%, respectively [14].