Investment Rating - The report maintains a "Buy" rating for the company, indicating strong investment potential [2][12]. Core Insights - The company reported exceptional performance in 2023, with total revenue reaching 6.912 billion RMB, a year-on-year increase of 22%, and net profit of 833 million RMB, up 122% year-on-year [1]. - The gross margin for 2023 was 75.3%, reflecting a slight increase, while the net profit margin improved significantly to 12.05% [1]. - The company is positioned as a leading player in the domestic mid-to-high-end women's apparel market, with expectations for steady growth in 2024 driven by product efficiency and store expansion [1]. Financial Performance - Revenue for 2023 was 6.912 billion RMB, with a year-on-year growth rate of 22.1% [5]. - Net profit for 2023 was 838 million RMB, representing a year-on-year increase of 119.2% [5]. - The company expects revenue growth of 15% to 20% and profit growth of around 20% in 2024 [1]. Brand Performance - The company's core brands performed well, with Koradior generating 2.39 billion RMB in revenue (up 21% year-on-year) and NEXY.CO achieving a 28% increase in revenue to 1 billion RMB [1]. - The company has a strong focus on product design that resonates with its target demographic, leading to successful new product launches [1]. Channel Strategy - The company primarily operates through direct sales channels, which have shown significant growth, with direct sales revenue increasing by 25.3% in 2023 [1]. - The total number of direct stores decreased slightly to 1,525, but the company anticipates stable growth in store numbers in 2024 [1]. Future Outlook - The company is expected to continue optimizing inventory management, with inventory increasing by 13% to 1.15 billion RMB by the end of 2023 [1]. - The report forecasts that the company's earnings for 2024 to 2026 will be 1.003 billion RMB, 1.174 billion RMB, and 1.36 billion RMB, respectively, with consistent year-on-year growth rates [5].
卓越业绩领先行业，期待2024年稳健增长