2023年年报点评：开展营销活动提高聚客能力，费用管控效果较好

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [14]. Core Insights - The company achieved a revenue of 810 million yuan in 2023, representing a year-on-year growth of 16.82%. The net profit attributable to the parent company was 134 million yuan, translating to a fully diluted EPS of 0.32 yuan, which is a 56.90% increase year-on-year [4][6]. - The company has improved its operational efficiency through effective cost control, with a significant reduction in the expense ratio, particularly in management expenses, which has enhanced profitability [18][19]. - The company is actively engaging in marketing activities and enhancing its online presence to improve customer attraction and retention [5][17]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 195 million yuan, a year-on-year increase of 28.12%, and a net profit of 54 million yuan, with a fully diluted EPS of 0.13 yuan, reflecting a 44.60% growth year-on-year [4][16]. - The comprehensive gross margin for 2023 was 55.88%, an increase of 0.73 percentage points compared to the previous year, while the expense ratio decreased by 3.29 percentage points [19][16]. - The company has projected an increase in EPS for 2024 and 2025 by 22% to 0.36 yuan and 0.39 yuan respectively, with an additional forecast for 2026 at 0.41 yuan [18]. Revenue and Profitability Metrics - The company's total revenue for 2023 was 810 million yuan, with a net profit of 134 million yuan, resulting in a net profit margin of 16.6% [21]. - The report indicates a consistent improvement in profitability metrics, with a projected P/E ratio of 23 for 2023, down from 36 in 2022, reflecting enhanced market confidence [21]. Market Position and Strategy - The company is focusing on diversifying its business model by expanding into cultural, sports, and community service sectors, which is expected to enhance its market presence and customer engagement [5][18]. - The strategic initiatives include leveraging online sales channels and conducting promotional activities to drive foot traffic to physical stores [5][17].