2023年业绩表现亮眼，海外业务高速扩张

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved impressive performance in 2023, with revenue reaching 6.301 billion yuan, a year-on-year increase of 36.5%. The adjusted net profit rose by 107.6% to 1.191 billion yuan, reflecting strong consumer demand driven by enhanced product offerings and a recovery in offline economic activities [1][2]. - The company is expanding its overseas business rapidly, with international revenue growing by 134.9% to 1.066 billion yuan, accounting for 16.9% of total revenue. This expansion includes localizing operations in international markets and opening new stores in regions like Southeast Asia and Europe [1][2]. - The company's IP matrix continues to expand, with ten major IPs generating over 100 million yuan in sales in 2023. Notable IPs include SKULLPANDA and MOLLY, which saw significant revenue growth [1][2]. Financial Overview - In 2023, the company reported a gross margin of 61.3%, an increase of 3.8 percentage points from the previous year. The adjusted net profit margin improved to 18.9%, up by 6.5 percentage points year-on-year [1][2]. - The company expects revenue to grow to 7.810 billion yuan in 2024, with adjusted net profit projected at 1.488 billion yuan, indicating a continued upward trend in financial performance [2][6]. - The membership base has grown significantly, with registered members increasing from 26.004 million at the end of 2022 to 34.354 million by the end of 2023, contributing to 92.1% of sales [1][2]. Channel Performance - The company has seen a strong recovery in offline retail, with revenue from retail stores in mainland China reaching 2.479 billion yuan, a year-on-year increase of 46.6%. Online sales through platforms like Douyin have surged by 431.2% [1][2]. - The number of retail and robot stores in mainland China increased to 363 and 2,190, respectively, with average revenue per store also showing significant growth [1][2]. Future Projections - The company is expected to solidify its leading position in the toy industry through its overseas and innovative business strategies, with revenue projections of 9.380 billion yuan in 2025 and 10.200 billion yuan in 2026 [1][2][6].