SFY(SZ:002572)2024-03-23 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][21]. Core Views - The company reported its 2023 performance, achieving revenue of 11.666 billion yuan, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 1.255 billion yuan, up 17.9% year-on-year [2][21]. - The multi-brand, full-category, and all-channel strategy has driven steady revenue growth, with a focus on customized solutions and new business models [2][21]. - Cost management and efficiency improvements have led to enhanced profitability, with a net profit margin of 10.8% in 2023, up 1.3 percentage points year-on-year [2][21]. - The employee incentive plan reflects the company's confidence in future growth, with targets set for revenue and net profit increases in 2024 and 2025 [2][21]. Financial Summary - For 2023, the company achieved a net profit of 1.255 billion yuan, with a projected growth of 17.9% for 2024 and 17.6% for 2025 [21][27]. - The average customer transaction value increased by 6.7% year-on-year, indicating successful package sales [26]. - The company has optimized its SKU and supply chain, leading to improved profit margins and showcasing its long-term manufacturing advantages [21][27].