2023年财报点评：业绩稳健增长，持续提升股东回报

Investment Rating - The investment rating for the company is "Buy" [14][19]. Core Views - The company has demonstrated robust growth in 2023, achieving a revenue of 6.518 billion yuan, a year-on-year increase of 48%, and a net profit attributable to shareholders of 332 million yuan, up 53% year-on-year [14][19]. - The company is strategically positioned in the e-commerce sector, leveraging digitalization and operational efficiency to enhance shareholder returns [2][14]. - The company plans to distribute a cash dividend of 4 yuan for every 10 shares and to increase capital by converting reserves into shares at a ratio of 4 shares for every 10 shares held [14]. Financial Performance - In 2023, the company's net profit margin was 5.1%, reflecting a year-on-year increase of 0.2 percentage points [2]. - The company’s total revenue for Q4 2023 was 1.77 billion yuan, representing a 30% year-on-year growth, while the net profit for the same quarter was 30 million yuan, a decrease of 55% year-on-year [14]. - The full subsidiary, Yibai Network, achieved a revenue of 6.483 billion yuan in 2023, a growth of 48%, with a net profit of 406 million yuan, up 41% [14]. Business Strategy - The company has developed a comprehensive business model that includes "pan-products, boutique products, and cross-border e-commerce integrated services" [16]. - The pan-products segment focuses on optimizing the entire supply chain, with approximately 1.04 million SKUs and an average selling price of 107 yuan in 2023 [16]. - The boutique segment emphasizes high-quality products, primarily sold on platforms like Amazon, with around 636 SKUs and an average selling price of 380 yuan [16]. - The "Yimai" cross-border e-commerce platform offers diverse cooperation models, including semi-managed services on Amazon and other platforms, enhancing sellers' global business opportunities [16]. Earnings Forecast - The company is expected to achieve revenues of 8.571 billion yuan, 10.624 billion yuan, and 12.311 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 31%, 24%, and 16% [19][20]. - The projected net profits for the same years are 453 million yuan, 552 million yuan, and 668 million yuan, with year-on-year growth rates of 36%, 22%, and 21% [19][20]. - The estimated diluted EPS for 2024, 2025, and 2026 are 1.57 yuan, 1.91 yuan, and 2.31 yuan, respectively, with P/E ratios of 11, 9, and 8 [19][20].