aiyingshi(SH:603214) Shanghai Securities·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the benchmark index by more than 20% over the next six months [26][28]. Core Insights - The company achieved a revenue of 3.332 billion yuan in 2023, a year-on-year decrease of 7.95%, while the net profit attributable to shareholders was 105 million yuan, reflecting a year-on-year increase of 21.84% [22][23]. - The company is focusing on dual-brand development and optimizing its offline store model, which has led to a significant growth in its new e-commerce channels, particularly on platforms like Douyin, which saw a 290% year-on-year increase [3][22]. - The company plans to expand its revenue in the coming years, with projections of approximately 3.410 billion yuan in 2024, 3.591 billion yuan in 2025, and 3.843 billion yuan in 2026, representing year-on-year growth rates of 2.4%, 5.3%, and 7.0% respectively [5][23]. Financial Summary - In 2023, the company's gross margin was 28.38%, a slight decrease of 0.16 percentage points year-on-year, while the net margin improved by 0.77 percentage points to 3.48% [3][22]. - The company has optimized its expenses, with the selling, general, and administrative expense ratio decreasing to 25.18%, down 0.47 percentage points year-on-year [3][22]. - The projected earnings per share for the next three years are 0.80 yuan in 2024, 0.89 yuan in 2025, and 1.02 yuan in 2026, with corresponding price-to-earnings ratios of 17.26, 15.64, and 13.66 [5][23].