Jiajiayue(SH:603708) Xinda Securities·2024-04-22 11:30Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company achieved a revenue of 17.76 billion yuan in 2023, a decrease of 2.31% year-on-year, while the net profit attributable to the parent company was 136 million yuan, an increase of 127.04% year-on-year [4]. - The company plans to distribute a cash dividend of 1.90 yuan per 10 shares, with a total cash dividend amounting to 120 million yuan, representing a payout ratio of 88% [4]. - The company has been expanding its store network, opening 110 new stores in 2023, including 81 self-operated and 29 franchised stores [4]. Financial Performance Summary - Revenue projections for 2024-2026 are 19.615 billion, 20.455 billion, and 21.339 billion yuan, with year-on-year growth rates of 10%, 4%, and 4% respectively [2]. - The net profit attributable to the parent company is expected to be 254 million, 304 million, and 322 million yuan for 2024-2026, with growth rates of 86.6%, 19.3%, and 6% respectively [2][6]. - The company's gross margin for 2023 was 23.88%, an increase of 0.63 percentage points year-on-year, while the net profit margin was 0.76%, up by 0.66 percentage points year-on-year [5][6].