HJBG(SH:600814) Xinda Securities·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for Hangzhou Jie Bai (600814.SH) based on its strong performance and growth potential [17]. Core Viewpoints - The company achieved a revenue of 2.027 billion yuan in 2023, a year-on-year increase of 1.96%, and a net profit attributable to the parent company of 260 million yuan, up 9.54% [17]. - The company plans to distribute a cash dividend of 1.43 yuan per share, with a payout ratio of 40.4%, reflecting an increase from 30% since 2021 [17]. - The report highlights the strong performance of Hangzhou Tower, which achieved a revenue of 1.902 billion yuan in 2023, a growth of 2.7%, and a net profit of 591 million yuan, up 3.4% [17]. Financial Summary - Total revenue for 2022 was 1,988 million yuan, with a projected increase to 2,027 million yuan in 2023, and further growth expected to 2,181 million yuan in 2024 [7]. - The net profit attributable to the parent company is projected to grow from 238 million yuan in 2022 to 260 million yuan in 2023, and to 289 million yuan in 2024 [7]. - The gross margin is expected to improve from 78.8% in 2022 to 80.0% in 2024 [7]. - The report forecasts earnings per share (EPS) to increase from 0.32 yuan in 2022 to 0.35 yuan in 2023, and further to 0.39 yuan in 2024 [7][19]. Business Performance - The retail segment generated revenue of 1.657 billion yuan in 2023, a year-on-year increase of 0.76%, accounting for 81.75% of total revenue [17]. - The company has strengthened its brand partnerships and improved its operational efficiency, contributing to its revenue growth [17]. - The report notes that the company is actively pursuing new brand collaborations and enhancing its market position [17].