SAINT ANGELO(002154) 国盛证券·2024-04-13 16:00Investment Rating - The report maintains a "Buy" rating for the company [13]. Core Views - The company reported a revenue increase of 22% and a profit increase of 52% for 2023, with total revenue, profit, and net profit attributable to shareholders reaching 5.25 billion, 700 million, and 600 million yuan respectively [1]. - The gross profit margin improved by 2.0 percentage points to 64.7% in 2023, while the net profit margin increased by 2.8 percentage points to 13.9% [1]. - The company plans to distribute a cash dividend of 0.25 yuan per share, totaling approximately 360 million yuan, which represents about 50% of the net profit for 2023 [1]. Financial Performance - In Q4 2023, the company achieved revenue of 1.59 billion yuan, a year-on-year increase of 24%, and a profit of 140 million yuan, up 92% year-on-year [1]. - The company’s revenue from its main brands, including HAZZYS and the main brand Baoxini, showed strong growth, with HAZZYS revenue increasing by 24% to 1.76 billion yuan [1]. - The company’s direct sales revenue grew significantly by 44% to 2.09 billion yuan, while e-commerce sales remained stable with a 1% increase [1]. Growth Outlook - The company is expected to continue its growth trajectory in 2024, with projected revenue growth of 10% to 20% and profit growth of around 15% [1]. - The company plans to open new stores for its HAZZYS and Baoxini brands, which is anticipated to sustain the growth trend [1]. - The company’s financial metrics indicate a strong outlook, with expected revenues of 8.06 billion, 9.21 billion, and 10.43 billion yuan for 2024 to 2026 [11].