Investment Rating - The investment rating for the company is "Buy" based on its strong market position and growth potential in the fruit retail sector [1]. Core Viewpoints - The company reported a revenue of 11.39 billion yuan for 2023, reflecting a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 362 million yuan, up 11.9% year-on-year [1]. - The company aims to become a high-quality fruit expert and leader, focusing on brand advantages and quality selection [1]. - The company has expanded its store count to 6,093 by the end of 2023, an increase of 443 stores from the previous year, with a significant portion being franchise stores [1]. - Membership numbers reached 83.91 million, with 1.17 million paying members, indicating strong customer engagement [1]. - The company has increased its proprietary brand count from 31 to 37, with proprietary brand fruit sales accounting for 14% of total sales [1]. Business Performance Summary - The fruit and other food sales contributed over 97% of total revenue, benefiting from growth in both domestic and international B2B markets [1]. - In the second half of 2023, revenue from fruit and other food sales was 4.96 billion yuan, down 5.6% year-on-year [1]. - Franchise store revenue was 8.5 billion yuan, down 4%, primarily due to weakened consumer spending [1]. - Direct sales revenue grew by 42.5% to 1.032 billion yuan, with overseas direct sales contributing 250 million yuan [1]. - The online channel accounted for approximately 27.6% of total orders, with significant growth in sales through Douyin [1]. Strategic Direction - The company has updated its strategic direction to focus on becoming a high-quality fruit expert and leader, with plans for store renovations and enhancing sales of signature fruits [1]. - The company aims to increase its market share in the fruit sector through its strong planting and supply chain capabilities [1]. - The expected net profits for 2024 and 2025 are projected to be 368 million yuan and 450 million yuan, respectively, with corresponding price-to-earnings ratios of 13.04 and 10.67 [1].
利润稳健增长，致力成为高品质水果专家与领导者