Workflow
2023年报表现符合预期,传统核心稳健增长,一体两翼推进,期待中长期品牌出海
M&GM&G(SH:603899)2024-03-31 16:00

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company reported a revenue of 23.35 billion yuan for 2023, reflecting a year-on-year growth of 16.8%. The net profit attributable to shareholders was 1.53 billion yuan, up 19.1% from the previous year [6][7]. - The traditional core business showed steady growth, with a revenue of 7.85 billion yuan in Q4 2023, marking a 19.5% increase year-on-year. The company is focusing on enhancing its product offerings and optimizing its sales channels [6][10]. - The company is actively expanding its overseas market presence, achieving 0.85 billion yuan in overseas revenue, which is a 21.6% increase year-on-year, contributing to 3.7% of total revenue [6][10]. Financial Performance - In 2023, the company achieved a gross profit margin of 18.9%, with a slight decrease of 0.5 percentage points compared to the previous year. The net profit margin was 6.5%, showing a slight improvement [9][11]. - The company plans to distribute a cash dividend of 8 yuan per 10 shares, totaling 739 million yuan, which represents 50.7% of the net profit for the year [6][7]. - Revenue projections for the next few years are optimistic, with expected revenues of 27.91 billion yuan in 2024, 33.07 billion yuan in 2025, and 39.08 billion yuan in 2026, reflecting a compound annual growth rate of approximately 18.2% [7][11]. Business Strategy - The company is enhancing its product structure and focusing on high-quality retail channels to drive growth. It aims to optimize its product offerings and improve sales efficiency through digital tools [6][10]. - The retail segment, particularly the "Jiuwu" brand, has shown significant growth, with a revenue increase of 51.0% in 2023, indicating strong market demand and operational improvements [6][10]. - The company is committed to diversifying its sales channels and adapting to changing consumer preferences, with a focus on both traditional and online sales strategies [10].