Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company has exceeded performance expectations in Q4 2023, benefiting from domestic recovery and accelerated overseas expansion, with a strong focus on IP strategy [5]. - The projected revenue for 2024-2026 is estimated at 17.36 billion, 20.98 billion, and 25.10 billion RMB respectively, with adjusted net profits of 2.87 billion, 3.46 billion, and 4.14 billion RMB [5]. - The target price for 2024 is set at 60.30 HKD, based on a PE ratio of 24.1x [5]. Financial Performance Summary - In Q4 2023, the company achieved revenue of 3.84 billion RMB, a year-on-year increase of 54.0%, with overseas revenue contributing 1.49 billion RMB (up 51.4%) and domestic revenue at 2.35 billion RMB (up 55.7%) [5]. - The adjusted net profit for Q4 2023 was 661 million RMB, reflecting a year-on-year increase of 77.0%, with a net profit margin of 17.2% [5]. - The gross profit margin reached a historical high of 43.1%, up from 35.7% in Q3 2022, indicating improved operational efficiency [5]. Expansion Strategy - The company opened a net of 124 new stores domestically and 174 overseas in Q4 2023, with a total of 973 new stores opened throughout the year [5]. - The domestic store expansion target for 2023 was achieved with a net increase of 601 stores, while overseas expansion also met its target with a net increase of 372 stores [5].
2023Q4业绩点评：国内海外拓店IP双发力，业绩再超预期