Investment Rating - The investment rating for the company "孩子王" (301078.SZ) is not explicitly stated in the provided documents, but the analysis indicates a positive outlook based on revenue growth and profit improvement from the acquisition of 乐友 [1]. Core Insights - The company reported a revenue of 87.53 billion yuan in 2023, an increase of 2.73% year-on-year, while the net profit attributable to shareholders was 1.05 billion yuan, a decrease of 13.92% [1]. - The acquisition of 乐友, a leading player in the mother and baby industry, has strengthened the company's market presence, particularly in northern China, with a total of over 1,000 stores nationwide [1][2]. - The company plans to enhance 乐友's operations through supply chain, digitalization, and financial support, maintaining a dual-brand strategy [1]. - The company's self-owned brand sales grew significantly, achieving a 74.37% year-on-year increase, contributing to 10.82% of total sales in the mother and baby product category [1]. - The company plans to distribute a cash dividend of 0.5 yuan per share for 2023, with a total cash dividend of 55.09 million yuan, resulting in a dividend payout ratio of 52.41% [1]. Financial Performance Summary - In 2023, the company achieved total revenue of 87.53 billion yuan, with a year-on-year growth of 2.73% [1]. - The net profit attributable to shareholders for 2023 was 1.05 billion yuan, down 13.92% year-on-year, but adjusted net profit excluding certain expenses was 2.11 billion yuan, reflecting a 55.7% increase [1]. - For Q1 2024, the company reported revenue of 21.94 billion yuan, a year-on-year increase of 4.64%, and a net profit of 11.66 million yuan, up 53.55% [1]. - The company expects revenues of 112 billion yuan, 118 billion yuan, and 123 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.88 billion yuan, 3.53 billion yuan, and 4.10 billion yuan [2][3].
2023&24Q1点评：收入稳健增长，乐友并表带动利润提升