CBEST(SH:600729) EBSCN·2024-04-19 06:01Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [4][19][22]. Core Insights - The company achieved a revenue of 18.985 billion yuan in 2023, representing a year-on-year growth of 3.72%, and a net profit attributable to shareholders of 1.315 billion yuan, which is a significant increase of 48.84% compared to the previous year [2][4]. - The company has been optimizing its offline stores while continuing to promote the integration of online and offline operations, with a total of 281 stores by the end of 2023 [3][12]. - The company has a strong brand and geographical advantage in regions like Chongqing, and it is actively adjusting its various business formats to enhance performance [4][12]. Financial Performance - In Q4 2023, the company reported a revenue of 4.217 billion yuan and a net profit of 177 million yuan [1]. - The company's operating expense ratio for 2023 was 19.59%, a decrease of 2.08 percentage points year-on-year, with specific expense ratios for sales, management, finance, and R&D being 13.75%, 5.05%, 0.65%, and 0.14% respectively [3][29]. - The comprehensive gross profit margin for 2023 was 25.67%, down by 0.44 percentage points from the previous year [29]. Future Projections - The net profit forecasts for 2024 and 2025 have been slightly adjusted upwards by 0.4% and 0.5% to 1.410 billion yuan and 1.501 billion yuan respectively, with a new forecast for 2026 set at 1.590 billion yuan [4][5]. - The company is expected to continue its growth trajectory with ongoing innovations in its business formats and enhanced online sales channels [4][12].