SAINT ANGELO(002154) 长江证券·2024-04-21 05:31Investment Rating - The report maintains a "Buy" rating for the company [14][9]. Core Views - Short-term retail recovery is expected to improve stock prices, while long-term growth potential is validated, emphasizing opportunities for bottom-line positioning [9][6]. - The company reported a significant increase in revenue and net profit for Q4 and the entire year, with Q4 revenue at 1.59 billion and net profit at 143 million, reflecting year-on-year changes of 24.5% and 92% respectively [6][9]. - The company plans to distribute a cash dividend of 365 million, with a payout ratio of 52% and a dividend yield of 4% [6][9]. Revenue Summary - Direct sales showed the best performance with a year-on-year growth of 45%, while group purchases benefited from good orders, growing by 11% [7]. - E-commerce revenue decreased by 5% due to discount control and reduced participation in online promotions, but the e-commerce gross margin improved by 1.8 percentage points to 69.5% [7][8]. - The company experienced a 20% year-on-year revenue increase for its main brand, benefiting from a low base and improved franchise deliveries [7]. Profit Summary - Q4 net profit margin increased by 3.1 percentage points, driven by improved gross margin and reduced impairment losses [8]. - The gross margin for Q4 rose by 4.7 percentage points to 64.9%, with the overall gross margin for the year increasing by 2 percentage points [8]. - The reduction in impairment losses was attributed to optimized inventory structure, with the proportion of inventory over three years old decreasing from 10% in 2022 to 7% in 2023 [8]. Outlook Summary - Short-term retail conditions are expected to improve, with the company projected to achieve net profits of 800 million, 910 million, and 1.04 billion for 2024-2026, respectively [9]. - The company is expected to maintain a price-to-earnings ratio of 11, 9, and 8 for the same period, indicating a favorable valuation [9].