23年净利扭亏，聚焦经营优化提效

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a net profit turnaround in 2023, focusing on operational optimization and efficiency improvements [4] - The company achieved a revenue of 5.539 billion yuan in 2023, a year-on-year increase of 2.97%, with a significant net profit of 216 million yuan [4][20] - The company is expected to continue its revenue growth, with projections of 5.667 billion yuan, 5.782 billion yuan, and 5.887 billion yuan for 2024, 2025, and 2026 respectively [6][20] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.539 billion yuan, a 2.97% increase year-on-year, with a notable 12.38% growth in Q4 [5] - The net profit for 2023 was 216 million yuan, a significant recovery from a loss of 11 million yuan in the previous year [20] - The gross profit margin increased by 1.03 percentage points to 41.48% in 2023 [6] Business Segments - Revenue from department stores decreased by 0.99%, while revenue from supermarkets and shopping centers increased by 4% and 10.19% respectively [5] - The real estate segment saw a drastic decline in revenue by 88.94%, primarily due to reduced sales from the Qingdao Qianhao project [5] Regional Performance - Revenue growth was observed in Shandong and Hebei provinces, with increases of 1.76% and 12.38% respectively [5] - The company expanded its presence by entering Heilongjiang province in 2023 [5] Operational Strategies - The company focused on optimizing its operational layout and enhancing efficiency, including a dynamic adjustment of its product offerings [6] - Online sales saw a significant increase of 62.53% year-on-year, indicating a successful shift towards multi-channel marketing [6] Future Projections - The company is projected to achieve a net profit of 76 million yuan, 89 million yuan, and 98 million yuan for 2024, 2025, and 2026 respectively [6][20] - The estimated reasonable market value range for the company is between 2.8 billion yuan and 3.4 billion yuan, with a target price of 5.45 to 6.54 yuan per share [6]