2023年年报点评：传统核心业务稳健，零售大店首次盈利

Investment Rating - The investment rating for the company is "Buy" [1][3][11] Core Views - The company achieved a year-on-year revenue growth of 16.78% in 2023, reaching 23.35 billion, and a net profit growth of 19.05%, totaling 1.53 billion [1][2] - The traditional core business showed steady recovery, with revenue from writing instruments, student stationery, and office supplies increasing by 4.8%, 8.6%, and 8.9% respectively [1] - The retail large store segment reported a record revenue of 1.34 billion, marking a 51.1% increase and achieving profitability for the first time [1] - The company plans to distribute a cash dividend of 0.8 yuan per share, with total cash dividends and share buybacks accounting for 50% of net profit [1] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 23.35 billion, a 16.78% increase from the previous year, and a net profit of 1.53 billion, up 19.05% [1][2] - The fourth quarter of 2023 saw revenue of 7.49 billion, a 19.54% increase year-on-year, and a net profit of 433 million, reflecting a 24.62% growth [1] Business Segments - The traditional core business generated revenue of 9.14 billion, with a year-on-year growth of 7.5% [1] - The Keli Pu segment maintained rapid growth, achieving revenue of 13.31 billion, a 21.8% increase, and a net profit of 400 million [1] - The retail large store segment, including Jiwu & Life Hall, reached a revenue of 1.34 billion, with Jiwu contributing 1.24 billion and achieving a net profit of 26 million for the first time [1] Profitability and Cost Control - The company's gross margin slightly decreased by 0.5 percentage points to 18.9%, while net margin increased by 0.1 percentage points to 6.5% [1] - The company effectively controlled expenses, with sales, management, R&D, and financial expense ratios showing improvements [1] Future Outlook - The company expects net profit for 2024-2026 to be 1.85 billion, 2.19 billion, and 2.53 billion respectively, with year-on-year growth rates of 21%, 19%, and 15% [1][2] - The diluted EPS is projected to be 1.99, 2.37, and 2.73 yuan for the same period, with corresponding PE ratios of 18, 15, and 13 times [1][2]