Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Views - The company reported a revenue of 3.84 billion yuan for Q4, representing a year-on-year growth of 54%. The gross margin reached 43.1%, an increase of 3.1 percentage points year-on-year. Adjusted net profit was 660 million yuan, up 77% year-on-year, with an adjusted net profit margin of 17.2% [2][6]. - Domestic business showed steady growth with revenue of 2.35 billion yuan, a 56% increase year-on-year. The company is focusing on a large store strategy, with a net increase of 124 stores in Q4, and plans to add 350-450 stores in 2024 [2][6]. - The overseas business also achieved record revenue of 1.49 billion yuan in Q4, a 51% increase year-on-year, with a significant growth in direct sales markets [2][6]. Summary by Sections Financial Performance - Revenue for 2023 was 13.84 billion yuan, with a year-on-year growth of 39.4%. Forecasts for 2024, 2025, and 2026 are 17.53 billion, 21.84 billion, and 26.58 billion yuan respectively, with growth rates of 26.7%, 24.6%, and 21.7% [5][8]. - Adjusted net profit for 2023 was 2.34 billion yuan, with a year-on-year increase of 110%. Forecasts for the next three years are 2.89 billion, 3.63 billion, and 4.47 billion yuan, with growth rates of 23.8%, 25.4%, and 23.2% [5][8]. - The gross margin is projected to improve from 41.2% in 2023 to 43.2% by 2026 [5][8]. Market Expansion - The company has a total of 3,926 stores as of the end of 2023, with a low closure rate of 4%. The expansion strategy includes a focus on larger store formats [2][6]. - The overseas store count reached 2,487, with plans to open 550-650 new stores in 2024 [2][6]. Valuation - The company is expected to have a price-to-earnings (P/E) ratio of 20-25 times for 2024, leading to a target market capitalization range of 64.3 billion to 80.3 billion HKD, translating to a reasonable share price range of 50.9 to 63.6 HKD [2][6].
业绩持续性强，利润再创新高