2023年归母净利润增长76%，库存量下降28%

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a robust performance in 2023, with revenue increasing by 2.47% to 13.66 billion RMB and net profit rising by 76.06% to 1.12 billion RMB, driven by improved operational efficiency and reduced discount rates [8][30] - The children's apparel segment outperformed, with revenue growth of 4.9% to 9.37 billion RMB and a gross margin increase of 4.9 percentage points, while casual wear saw a revenue decline of 2.6% to 4.17 billion RMB [2] - The retail channel growth outpaced wholesale, with direct sales and franchise channels growing by 19.2% and 9.7% respectively, while online sales declined by 3.5% [2] Financial Performance Summary - Revenue for 2023 is projected at 13.66 billion RMB, with a forecasted growth of 10.2% to 15.05 billion RMB in 2024 [7] - Net profit is expected to reach 1.30 billion RMB in 2024, reflecting a year-on-year growth of 15.6% [31] - The gross margin improved to 44.0% in 2023, up by 2.7 percentage points, while the overall expense ratio decreased by 1.1 percentage points [8][39] Future Outlook - The company anticipates continued growth in 2024, supported by a healthy inventory base and enhanced operational efficiency, with net profit projections of 1.30 billion RMB for 2024, 1.46 billion RMB for 2025, and 1.61 billion RMB for 2026 [18][31] - The reasonable valuation range is maintained at 6.70 to 7.10 RMB, corresponding to a PE ratio of 14-15x for 2024 [18][32]