Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance [4][8]. Core Insights - The company achieved a revenue of 8.423 billion yuan in 2023, representing a year-on-year growth of 21.0%, with a net profit of 961 million yuan, up 28.7% from the previous year [5][8]. - The company focuses on the mass sports market with a brand positioning of "professional, youthful, and international," which has contributed to its strong revenue growth and stable profit levels [8]. - The company has seen significant growth in its e-commerce channel, which generated 2.326 billion yuan in revenue, a 38.0% increase year-on-year, and accounted for 27.6% of total revenue [2][8]. Revenue Breakdown - E-commerce Channel: Revenue of 2.326 billion yuan, up 38.0% year-on-year, with a consistent growth rate of over 30% across all four quarters of 2023 [2]. - Domestic Offline Stores: Revenue of 5.912 billion yuan, a year-on-year increase of 14.8%, with a net addition of 254 stores, bringing the total to 5,734 [2][3]. - Overseas Market: Revenue of 185 million yuan, a 50.1% increase year-on-year, representing 2.2% of total revenue, with 1,260 sales outlets established by the end of 2023 [2]. Profitability and Financial Metrics - The company's gross margin improved by 0.6 percentage points to 41.1% in 2023, with a net profit margin of 11.4% [7][8]. - The operating profit margin increased by 1.0 percentage points to 16.4%, reflecting effective cost management and improved product mix [7]. - The company plans to distribute a total dividend of 20.4 Hong Kong cents per share for 2023, resulting in a payout ratio of 40.2% [5][8]. Future Projections - Revenue forecasts for 2024-2026 are 10.040 billion, 11.628 billion, and 13.370 billion yuan, with expected growth rates of 19.2%, 15.8%, and 15.0% respectively [8]. - Projected net profits for the same period are 1.152 billion, 1.348 billion, and 1.548 billion yuan, with growth rates of 19.9%, 17.0%, and 14.9% respectively [8].
2023全年派息率40.2%，年初至今流水延续良好增长