2023年报点评：业绩超预期，多元业务运营渐入佳境

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for future growth and performance [1]. Core Insights - The company achieved a revenue of 6.301 billion yuan in 2023, representing a year-on-year increase of 36.5%, with an adjusted net profit of 1.19 billion yuan, up 107.6% [1]. - The company expects to continue strong growth in 2024, targeting a revenue growth rate of no less than 30%, particularly in the Hong Kong, Macau, and overseas markets, which are projected to maintain over 100% growth [2]. - The company has diversified its operations into four main business segments: IP incubation and operation, trendy toys and retail, theme parks and experiences, and digital entertainment [2]. Revenue Breakdown - In 2023, revenue from Hong Kong, Macau, and overseas markets reached 1.066 billion yuan, a 135% increase, accounting for 16.9% of total revenue [1]. - Domestic revenue was 5.235 billion yuan, a 26% increase, with offline channels contributing 48.1% and online channels 27.1% [1]. - The company opened 34 new retail stores in 2023, with offline retail store revenue increasing by 46.6% [1]. Product Performance - The company's self-produced products generated 5.858 billion yuan in revenue, a 39.8% increase, accounting for 93% of total revenue [1]. - The company had 10 IPs with sales exceeding 100 million yuan in 2023, indicating strengthened IP operational capabilities [1]. - The top two IPs, SKULL PANDA and Molly, each generated over 1 billion yuan in revenue, contributing approximately 16% each to total sales [1]. Profitability Metrics - The gross profit margin for 2023 was 61.3%, an increase of 3.8 percentage points year-on-year [1]. - The company’s net profit margin improved to 18.9%, up 6.5 percentage points from the previous year [1]. - The projected EPS for 2024 is 1.08 yuan, with corresponding P/E ratios of 24, 18, and 14 for the years 2024, 2025, and 2026 respectively [2][3].