传统核心恢复、九木杂物社绽放

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 23.35 billion yuan in 2023, representing a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 1.53 billion yuan, up 19.1% year-on-year [1][7]. - The traditional core business is recovering steadily, with a focus on optimizing product and channel strategies, while the retail segment continues to expand [1][2]. - The company is actively pursuing product and technology innovation, channel transformation, and internationalization strategies, enhancing its core competitiveness [1]. Financial Performance - In Q4 2023, the company reported a revenue of 7.49 billion yuan, a year-on-year increase of 19.5%, and a net profit of 433 million yuan, up 24.6% year-on-year [1]. - The traditional core business generated approximately 8.7 billion yuan in revenue in 2023, with a year-on-year growth of 6% [1]. - The gross profit margin for the traditional core products improved, with specific categories like writing tools and student stationery showing revenue growth of 4.8% and 8.6% respectively [1][2]. Retail and Expansion - The retail segment, including the Jiuwu Miscellaneous Society, achieved a revenue of 1.335 billion yuan in 2023, marking a 51.0% increase [2]. - The company expanded its retail stores to 659 by the end of 2023, with 618 stores under the Jiuwu Miscellaneous Society [2]. Cost Management and Cash Flow - The overall gross margin for the company was 18.9% in 2023, slightly down by 0.5 percentage points, but effective cost control measures were noted [2]. - The net operating cash flow improved to 2.617 billion yuan, reflecting a healthy cash flow position [2][7]. Future Outlook - The company forecasts net profits of 1.801 billion yuan, 2.118 billion yuan, and 2.488 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18.5X, 15.7X, and 13.4X [6][7].