库存及盈利能力改善明显，分红率提升至67％

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company, Taiping Bird, reported its 2023 performance, which met expectations with a revenue decline of 9.4% to 7.79 billion yuan and a net profit increase of 127.1% to 422 million yuan [2][13] - The company plans to focus on "high-quality development" in 2024, emphasizing brand image upgrades, product core competitiveness, retail operation quality, and a robust supply chain [2] - Despite a weak retail environment, the company is optimistic about future growth due to strategic adjustments and improvements in profitability [2] Summary by Sections Financial Performance - In Q4 2023, revenue was 2.57 billion yuan, up 8% year-on-year, with a net profit of 210 million yuan, a 558% increase [2] - The company declared a dividend of 0.6 yuan per share, with a payout ratio of 67%, significantly up from 38% in 2022 [2] Brand Performance - Men's clothing showed better performance, while women's clothing revenue fell by 12% to 2.88 billion yuan, despite a gross margin increase of 7.5 percentage points to 56.7% [2] - The company closed 423 stores, resulting in a total of 1,458 stores, a 22% reduction [2] Channel Analysis - Direct sales channel revenue decreased by 4.3% to 3.27 billion yuan, while the average revenue per store increased by 19% to 2.64 million yuan [2] - Online sales fell by 23% to 2.09 billion yuan, with a gross margin increase of 1.9 percentage points to 44.3% [2] Profitability and Inventory Management - The gross margin improved by 5.9 percentage points to 54.1%, and the net profit margin increased by 3.3 percentage points to 5.4% [2][23] - Inventory decreased by 29% to 1.51 billion yuan, with a significant improvement in cash flow, which rose by 220% to 1.28 billion yuan [2] Future Outlook - The company expects net profits of 570 million yuan, 670 million yuan, and 750 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 14, 12, and 11 [2][19]