收入保持高速增长，新增长市场延续积极布局

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company is experiencing rapid revenue growth, with a projected revenue of 40.9 billion, 53.0 billion, and 66.4 billion for 2024, 2025, and 2026 respectively, representing year-on-year growth of 33.9%, 29.8%, and 25.3% [7]. - Despite a decline in average selling price (ASP), the company benefits from increased order volume, improved revenue structure, cost control, and economies of scale, leading to a forecasted improvement in profit margins [7]. - The company plans to open 240 new stores in 2024 and 300-350 stores in both 2025 and 2026, aiming for a total of over 1,600 stores by 2026 [7]. Financial Performance - In 2023, the company reported a revenue of 30.5 billion, a 51.0% increase year-on-year, while the net profit was a loss of 0.27 billion [7][8]. - The adjusted net profit for 2023 was 0.878 million, indicating a turnaround from losses in the previous periods [7]. - The operating profit margin for 2023 was 13.8%, an increase of 3.7 percentage points year-on-year [7]. Cost Management - The cost of raw materials accounted for 27.4% of total costs in 2023, with employee costs, rent, and other depreciation costs decreasing as a percentage of total costs [7]. - Employee costs were 38.6%, rent-related costs were 10.1%, and other depreciation costs were 6.9%, all showing a decline compared to the previous year [7]. Sales Performance - The company achieved strong growth in same-store sales, with a 10% increase in overall store sales and a 9% increase in same-store sales year-on-year [7]. - The average daily sales per store in Beijing and Shanghai were 12,881 and 12,285 respectively, with a decline of 5% and an increase of 36% year-on-year [7]. Market Expansion - The company added 180 new stores in 2023, bringing the total to 768 stores, with 351 in mature markets and 417 in new growth markets [7]. - The company entered 13 new cities during the year, expanding its footprint to 29 cities by year-end [7].