Investment Rating - The report maintains a rating of "Add" for the company [4][6]. Core Insights - The company reported a revenue increase of 14.8% year-on-year to 3.54 billion yuan in 2023, with a net profit growth of 18.4% to 530 million yuan. The second half of the year saw a revenue increase of 21.6% to 2.05 billion yuan and a net profit increase of 36.1% to 260 million yuan [5][6]. - The men's wear segment showed strong performance, particularly in the light business category, which led to a significant revenue increase. The company aims to maintain a revenue growth target of 15% for 2024 [5][6]. - The company has successfully improved its gross margin by 2.2 percentage points to 48.2% due to the increased contribution from the light business segment [5][6]. Financial Summary - For 2023, the company achieved a revenue of 3.54 billion yuan, with a year-on-year growth of 14.8%. The projected revenues for 2024, 2025, and 2026 are 4.02 billion yuan, 4.42 billion yuan, and 4.87 billion yuan, respectively, with growth rates of 13.5%, 10.0%, and 10.0% [6][7]. - The net profit for 2023 was 530 million yuan, with projections of 588 million yuan, 658 million yuan, and 736 million yuan for the following years, reflecting growth rates of 10.8% and 11.9% [6][7]. - The gross margin is expected to slightly improve to 48.3% in 2024 and reach 48.7% by 2026 [6][7]. Operational Highlights - The company opened a net of 51 new stores in 2023, with 8 in the main series and 43 in the light business segment. The total number of self-operated, consignment, and distribution stores at year-end was 297, 936, and 1462, respectively [5][6]. - The company has enhanced its e-commerce capabilities, resulting in a 17.6% year-on-year increase in new retail sales, significantly improving profit margins [5][6]. - Inventory management has been effective, with a 6.7% year-on-year decrease in inventory to 830 million yuan and an average inventory turnover period reduced by 25 days to 170 days [5][6].
业绩亮眼，指引乐观