YYTM(SH:600655) EBSCN·2024-03-21 16:00Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's 2023 revenue increased by 15.83% year-on-year, reaching 58.147 billion yuan, while the net profit attributable to shareholders decreased by 45.00% to 2.024 billion yuan, resulting in a diluted EPS of 0.52 yuan [2][4] - The company experienced a decline in comprehensive gross margin by 3.60 percentage points to 14.11% in 2023, with a similar trend observed in the fourth quarter [2] - The company added 429 new stores under the "Laomiao" and "Yayi" brands, bringing the total to 4,994 stores by the end of 2023 [3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 58.147 billion yuan, a 15.83% increase from the previous year, while the net profit attributable to shareholders was 2.024 billion yuan, a decrease of 45.00% [2][5] - The fourth quarter of 2023 saw a revenue of 18.599 billion yuan, up 16.39% year-on-year, but a net loss of 211 million yuan was recorded [2] Cost and Margin Analysis - The comprehensive gross margin for 2023 was 14.11%, down 3.60 percentage points from the previous year, with the fourth quarter gross margin at 15.37% [2] - The period expense ratio decreased by 2.85 percentage points to 13.54% in 2023, with specific reductions in sales, management, and financial expense ratios [2] Store Expansion and Business Segments - The company expanded its store network by 429 locations in 2023, with significant growth in the "Songhelou" brand, which saw revenue growth exceeding 100% [3] - The real estate segment generated a sales amount of 10.527 billion yuan, with a revenue recognition of 13.558 billion yuan [3] Future Outlook - The profit forecast for 2024 and 2025 has been revised down by 4% and 3% respectively, with new projections for 2026 set at 3.375 billion yuan [4]