2023年业绩点评：海外与抖音收入猛增，净利润翻倍

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 6.3 billion RMB, a year-over-year increase of 36.5%, and adjusted net profit of 1.19 billion RMB, up 107.6% year-over-year [3][4] - The overseas revenue and sales through Douyin (TikTok) have surged, contributing to the overall growth [4] - The company is expanding its global presence and enhancing its IP strategy, which is expected to drive future growth [8] Summary by Sections Financial Performance - In 2023, the company's revenue was 6.3 billion RMB, with a year-over-year growth of 36.5%. The adjusted net profit was 1.19 billion RMB, reflecting a year-over-year increase of 107.6% [3][10] - The company declared a dividend of 0.282 RMB per share, totaling 379 million RMB, with a payout ratio of 35% [3] Revenue Breakdown - Domestic revenue grew by 35.6%, while overseas revenue reached 1.07 billion RMB, marking a 134.9% increase year-over-year, accounting for 16.9% of total revenue [4] - Douyin's revenue saw a remarkable increase of 431.2% year-over-year, reaching 283 million RMB in 2023 [4] IP and Membership Growth - The top ten IPs generated over 1 billion RMB in revenue, with a 32% increase in membership year-over-year, totaling 34.35 million members [5][8] - The company’s self-developed products accounted for 93% of total revenue, with significant contributions from leading IPs [5] Operational Efficiency - The gross margin improved to 61.3%, up 3.8 percentage points from 2022, driven by product design and supply chain optimization [8] - The adjusted net margin increased to 18.9%, reflecting effective cost control across various operational expenses [8] Future Projections - The company expects to achieve net profits of 1.46 billion RMB, 1.81 billion RMB, and 2.14 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.08 RMB, 1.35 RMB, and 1.59 RMB [8][10]