报喜鸟2023年年报点评：业绩靓丽高增，多品牌成长可期

Investment Rating - The investment rating for the company is "Buy" with a target price of 7.98 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company has shown impressive performance with a significant increase in net profit by 52% year-on-year, indicating a notable improvement in profitability [1]. - The company is expected to continue its rapid growth driven by multi-brand development and improved operational quality [1][2]. Summary by Sections Financial Performance - In 2023, the company's revenue reached 5.254 billion CNY, a year-on-year increase of 21.8%, while net profit attributable to shareholders was 698 million CNY, up 52.1% [1][2]. - The fourth quarter of 2023 saw revenue and net profit of 1.594 billion CNY and 170 million CNY, respectively, reflecting year-on-year growth of 24.5% and 92.0% [1]. - The company's gross margin improved by 2 percentage points year-on-year, indicating enhanced operational efficiency [1]. Brand Performance - The company’s brands, including Baoxiniao, Haggis, and Le Fei Ye, have shown strong growth, with Baoxiniao and Haggis brands experiencing significant revenue increases [1]. - The outdoor brand Le Fei Ye has also reported impressive revenue growth, contributing positively to the overall performance [1]. Store Expansion and Management - As of the end of 2023, the company operated 232 direct-operated stores and 585 franchised stores, with a year-on-year increase in same-store sales [1]. - The company plans to continue expanding its store network in 2024, focusing on enhancing store operation quality and increasing the proportion of outdoor products [1]. Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 0.57 CNY, with a target EPS of 0.77 CNY for 2026 [1]. - The price-to-earnings (PE) ratio is expected to be 14 times, which is above the industry average, supporting the "Buy" rating [1]. Market Position - The company is positioned as a leading player in the men's apparel sector, with a strong market presence and brand recognition [1][2].