Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of HKD 84.2 billion for 2023, representing a year-on-year increase of 21%, and a net profit of HKD 9.6 billion, up 28.7% year-on-year [2] - The adult apparel segment showed strong sales performance, while the children's apparel segment exhibited robust growth [2][3] - The company has optimized its offline channels and differentiated its products to support e-commerce growth [3] - The company's profitability continues to improve, with a healthy inventory level [3] - Future profit projections indicate net profits of HKD 11.51 billion, HKD 13.54 billion, and HKD 15.64 billion for 2024, 2025, and 2026, respectively, with growth rates of 19.7%, 17.6%, and 15.5% [3] Summary by Sections Financial Performance - For 2023, the company achieved a revenue of HKD 84.2 billion, a 21% increase year-on-year, and a net profit of HKD 9.6 billion, reflecting a 28.7% increase [2] - In the second half of 2023, revenue reached HKD 41.1 billion, up 24.3% year-on-year, with a net profit of HKD 2.6 billion, increasing by 31.5% [2] - The company declared a year-end dividend of HKD 0.204 per share, with a payout ratio of 40.2% [2] Business Segments - Revenue from adult apparel was HKD 63.3 billion, up 17.4%, while children's apparel revenue was HKD 19.6 billion, up 35.7% [2] - The adult segment's shoe and clothing sales increased by 19% and 9%, respectively, while children's apparel saw a 31% increase in sales volume [2] Channel Optimization - As of the end of 2023, the company had 6,994 sales outlets globally, with 5,734 in mainland China, marking an increase of 254 outlets [3] - E-commerce revenue for 2023 was HKD 23.3 billion, a 38% increase year-on-year, accounting for 27.6% of total business [3] Profitability and Inventory - The gross margin for 2023 was 41.1%, with adult apparel gross margin at 41.4% and children's apparel gross margin at 41.8% [3] - The company reported an inventory amount of HKD 1.35 billion, a 14.2% increase year-on-year, with 92.9% of inventory being finished goods [3] Future Outlook - The company is expected to continue enhancing its product strength and operational efficiency, with a positive outlook for children's apparel as a growth driver [3] - The current stock price corresponds to an 8x PE ratio for 2024, supporting the "Buy" rating [3]
23年度业绩点评：电商、童装贡献增长，业绩高质量兑现