Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The company reported a revenue of 11.391 billion yuan in 2023, a year-on-year increase of 0.7%, and a net profit of 362 million yuan, up 11.9% year-on-year. The profit forecasts for 2024-2026 have been adjusted downwards due to investments in brand renewal, with expected net profits of 344 million yuan, 415 million yuan, and 516 million yuan respectively [2][3] - The company is transitioning to a high-quality growth strategy in 2024, focusing on enhancing brand image, expanding 2B distribution channels, and optimizing the supply chain [4] Summary by Relevant Sections Business Performance - In 2023, the company opened 443 new stores, ending the year with a total of 6093 stores. The OMO model continues to develop, with a total membership of 83.91 million (up 13% year-on-year) and 1.17 million paid members (up 21% year-on-year). Online channels accounted for approximately 27.6% of total orders [3] - The company's gross margin for 2023 was 11.5%, with expense ratios for sales, management, R&D, and finance at 4.2%, 2.8%, 1.3%, and 0.1% respectively [3] Strategic Initiatives - The company has restructured its operations into three business groups: Retail, 2B, and Category, to better align with long-term growth goals and improve efficiency [3] - The 2B business group achieved a transaction volume of 3.068 billion yuan in 2023, with expectations for enhanced synergy and market share expansion [3] Financial Projections - Revenue projections for 2024-2026 are 12.323 billion yuan, 13.464 billion yuan, and 14.613 billion yuan, representing year-on-year growth rates of 8.2%, 9.3%, and 8.5% respectively [5] - The expected EPS for 2024-2026 is 0.22 yuan, 0.26 yuan, and 0.32 yuan, with corresponding P/E ratios of 13.8, 11.4, and 9.2 [5][6]
港股公司信息更新报告：渠道规模稳健扩张，2024年转向高质量增长战略