2023年年报点评：赢得翻身仗，迈向黄金时代

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 23, 15, and 11 times for 2024, 2025, and 2026 respectively [1]. Core Views - The company has demonstrated a significant turnaround, achieving total revenue of 835 million yuan in 2023, a year-on-year increase of 140%, and a net profit attributable to shareholders of 188 million yuan, up 274% year-on-year [1]. - The company is focusing on key markets such as Dubai, Indonesia, and Japan, with substantial investments leading to a notable upgrade in brand recognition and an increase in booth numbers [1]. - The company is undergoing a "four transformations" strategy: digitalization, specialization, platformization, and internationalization, which are expected to enhance its competitive edge and operational efficiency [1]. - The report anticipates a golden era for the company, driven by the increasing demand for Chinese brands in international markets, particularly in the context of the Belt and Road Initiative and RCEP regions [1]. Financial Summary - The company's total revenue is projected to reach 1.12 billion yuan in 2024, 1.60 billion yuan in 2025, and 2.02 billion yuan in 2026, with year-on-year growth rates of 34.26%, 43.15%, and 25.62% respectively [8]. - The net profit attributable to shareholders is forecasted to be 269 million yuan in 2024, 411 million yuan in 2025, and 550 million yuan in 2026, reflecting growth rates of 42.95%, 52.92%, and 33.71% respectively [8]. - The report highlights an increase in cash flow from operating activities, projected at 373 million yuan in 2024 and 548 million yuan in 2025 [5].