Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a strong performance in its 2023 annual report, achieving a revenue of 8.423 billion yuan, a year-on-year increase of 21%, and a net profit attributable to shareholders of 0.961 billion yuan, up 28.7%. A final dividend of 0.139 HKD per share is proposed [3][4] - The growth in revenue is driven by the children's clothing and e-commerce segments, with children's clothing revenue reaching 1.958 billion yuan, a remarkable growth of 35.7% year-on-year. The overseas market expansion is also progressing well, with overseas revenue increasing by 50.1% to 0.185 billion yuan [3][4] - The gross margin improved by 0.6 percentage points to 41.1%, with the sales and distribution expenses increasing due to heightened marketing activities. The operating profit margin increased by 1 percentage point to 16.4%, and the net profit margin rose by 0.7 percentage points to 11.4% [3][4] Summary by Sections Financial Performance - The company achieved a total revenue of 8.423 billion yuan in 2023, with a growth rate of 21.0%. The net profit attributable to shareholders was 0.961 billion yuan, reflecting a growth rate of 28.7% [4] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.46, 0.54, and 0.63 respectively, with corresponding price-to-earnings (PE) ratios of 8, 7, and 6 [4] Business Segments - The revenue from the adult clothing segment was 6.334 billion yuan, growing by 17.4% year-on-year, while the children's clothing segment contributed 1.958 billion yuan, with a growth of 35.7% [3] - E-commerce revenue increased by 38% to 2.326 billion yuan, accounting for 27.6% of total revenue, with significant sales performance during the Double Eleven shopping festival [3] Market Strategy - The company is focusing on optimizing its channel structure, with a net addition of 254 adult clothing stores and 257 children's clothing stores, bringing the total to 5,734 and 2,545 respectively [3] - The appointment of NBA star Nikola Jokic as a global brand ambassador is expected to enhance brand visibility and drive sales [3]
公司简评报告：全年业绩表现亮眼，童装及电商高增