年报点评报告：实现高质量发展

Investment Rating - The report maintains a "Buy" rating for the company [9][22]. Core Insights - The company achieved a revenue of 5.25 billion in 2023, representing a year-on-year growth of 22%. The net profit attributable to the parent company was 700 million, up 52% year-on-year [5][12]. - The company focuses on a multi-brand strategy, emphasizing both mature and growth brands, and aims for high-quality, stable, and sustainable development [8][21]. Financial Performance - The company reported a gross margin of 64.7%, an increase of 2 percentage points year-on-year, and a net profit margin of 13.9%, up 2.8 percentage points [4]. - The revenue for Q4 2023 was 1.59 billion, a 24% increase year-on-year, with a net profit of 140 million, up 92% [5]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 360 million, with a dividend payout ratio of approximately 52% [19]. Brand Performance - The revenue breakdown by brand for 2023 shows significant growth: Baoxing 1.04 billion (+16%), Haji Si 1.76 billion (+24%), and Le Fei Ye 260 million (+41%) [2][4]. - The company is enhancing its brand image through various initiatives, including partnerships and digital marketing strategies [6][18]. Store Expansion - As of the end of 2023, the company operated 817 stores under the Baoxing brand, with a year-on-year increase of 13 stores [7]. Future Projections - The company expects net profits for 2024-2026 to be 820 million, 950 million, and 1.1 billion respectively, with corresponding EPS of 0.56, 0.65, and 0.75 yuan per share [12][27].