Investment Rating - The investment rating for the company is "Buy" [1][4][10] Core Views - The company reported a net profit growth of 29% in 2023, with a full-year dividend payout ratio of 40% [1] - Revenue increased by 21% to 8.423 billion yuan, driven by e-commerce and children's clothing [1] - The company is the fourth largest domestic sports brand, with adult and children's clothing revenues growing by 17% and 36% respectively [1] - The international business saw a 50% year-on-year increase, reaching 190 million yuan [1] - The company maintains a healthy operating condition with a low debt-to-asset ratio of 25.6% [1] - The second half of 2023 showed accelerated growth, with revenue and net profit increasing by 24% and 32% year-on-year respectively [1] - The company actively opened new stores, with 254 adult and 257 children's clothing stores added in 2023 [1] - E-commerce sales grew by 38% to 2.33 billion yuan, accounting for 27.6% of total revenue [1] Financial Performance Summary - For 2023, the company achieved a revenue of 8.423 billion yuan, a 21% increase from 2022 [2][9] - The net profit for 2023 was 961 million yuan, reflecting a 28.7% increase year-on-year [2][9] - Earnings per share (EPS) for 2023 was 0.46 yuan, with a net profit margin of 17.7% [2][9] - The return on equity (ROE) improved to 10.6% in 2023 [2][9] - The company expects net profits of 1.135 billion yuan, 1.321 billion yuan, and 1.527 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 18.0%, 16.4%, and 15.6% [1][9][11]
2023年净利润增长29%，全年派息率40%