年报点评：多品牌矩阵成型，盈利能力和质量均表现优良

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.84 yuan based on a 14x PE valuation for 2024 [1][5]. Core Insights - The company reported a revenue of 5.25 billion yuan for 2023, representing a year-on-year growth of 21.8%, and a net profit attributable to shareholders of 698 million yuan, up 52.1% year-on-year [2]. - The company has successfully accelerated the opening of new stores, with notable growth in multiple brands, including a 24.1% revenue increase for the Haji brand and a 40.5% increase for the new brand Le Fei Ye [2]. - The company's gross margin improved to 64.7%, up 2 percentage points year-on-year, driven by better product mix and reduced discounts [2]. - The company has established a multi-brand matrix that is expected to continue driving growth, with the Haji brand anticipated to perform well in 2024 [2]. Financial Performance Summary - Revenue (in million yuan): 2022A: 4,313; 2023A: 5,254; 2024E: 6,045; 2025E: 6,990; 2026E: 7,989 [7]. - Net profit (in million yuan): 2022A: 459; 2023A: 698; 2024E: 822; 2025E: 967; 2026E: 1,124 [7]. - Gross margin: 2022A: 62.7%; 2023A: 64.7%; 2024E: 64.9%; 2025E: 65.0%; 2026E: 65.0% [7]. - Net profit margin: 2022A: 10.6%; 2023A: 13.3%; 2024E: 13.6%; 2025E: 13.8%; 2026E: 14.1% [7].