库存优化顺利，2024年期待健康增长

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue growth of 11% in 2023, with a net profit increase of 11.8% to 1.03 billion yuan, aligning with expectations. The gross margin improved by 1.2 percentage points to 42.2% [1][6]. - The main brand's revenue grew by 7.4% to 11.95 billion yuan, with expectations for continued high single-digit growth in 2024 [1][6]. - The company successfully optimized channel inventory, with inventory turnover days decreasing from 5.5 months in Q4 2022 to 4-4.5 months in Q4 2023, laying a solid foundation for healthy growth in 2024 [2][6]. - The new brand, Saucony, is expected to maintain rapid growth, with the professional sports division achieving profitability for the first time in 2023 [2][6]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 14.35 billion yuan, with a year-on-year growth rate of 10.9%. The net profit attributable to shareholders was 1.03 billion yuan, reflecting an 11.8% increase [1][7]. - The expected revenue for 2024 is projected to be 15.93 billion yuan, with a growth rate of 11% [7][10]. Brand and Product Development - The main brand's revenue growth is supported by the optimization of adult store numbers, which increased by 258 to 6,571 stores by the end of 2023. The company plans to continue structural optimization in 2024 [1][2]. - The children's business also expanded, with 1,703 stores opened, contributing to rapid revenue growth in children's apparel [1][2]. Inventory and Operational Efficiency - The company has successfully reduced channel inventory turnover days, indicating improved operational efficiency and a healthier inventory structure [2][6]. - The professional sports segment saw a revenue increase of 98.9% to 800 million yuan in 2023, marking its first profitable year since acquisition [2][6]. Future Outlook - The company anticipates a revenue growth of over 10% in 2024, driven by the main brand's operational efficiency and the profitability trend of the Saucony brand [6][10]. - The projected net profit for 2024 is expected to reach 1.17 billion yuan, with a corresponding PE ratio of 9 times [6][10].