业绩延续强劲增长，分红率提升至40％

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated strong performance in its 2023 annual report, with revenue increasing by 21.0% year-on-year to 8.42 billion RMB and net profit rising by 28.7% to 960 million RMB, aligning with previous forecasts [3][4] - The company announced a dividend of approximately 0.19 RMB per share, with a payout ratio of 40%, significantly up from 18% in the first half of 2023, resulting in a dividend yield of about 5% [3] - The company is expected to achieve revenue growth of 15-20% in 2024, with a gross margin of approximately 40-42% [3] Financial Performance - In 2023, the company's revenue reached 8.42 billion RMB, with a year-on-year growth of 21% [6] - The net profit for 2023 was 960 million RMB, reflecting a year-on-year increase of 29% [6] - The gross margin improved by 0.6 percentage points to 41.1%, while the net profit margin increased by 0.7 percentage points to 11.4% [6][12] Business Segments - The adult apparel segment saw a revenue increase of 17.4% to 6.33 billion RMB, accounting for 75% of total revenue, with footwear sales growing by 23.0% to 3.51 billion RMB [3] - The children's clothing segment experienced a robust growth of 35.7%, reaching 1.96 billion RMB, representing 23% of total revenue [3] - E-commerce sales grew by 38.0% to 2.33 billion RMB, driven by the launch of exclusive online products and strong sales during promotional events [3] Future Outlook - The management is optimistic about future growth, projecting net profits of 1.15 billion RMB, 1.34 billion RMB, and 1.54 billion RMB for 2024, 2025, and 2026 respectively [3][4] - The company is focusing on enhancing product quality, brand positioning, and channel optimization to achieve growth that outpaces the industry [3]