2023年报&2024一季报点评：2023Q1收入同比+24%，黄金产品消费保持较好韧性

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In Q1 2023, the company achieved a revenue of 16.29 billion yuan, a year-on-year increase of 46.5%, and a net profit attributable to shareholders of 1.316 billion yuan, up 20.67% year-on-year [3] - The company's performance in Q4 2023 showed a revenue of 3.796 billion yuan, a year-on-year increase of 74%, and a net profit of 221 million yuan, up 38% year-on-year [3] - The demand for gold products remains strong, while the demand for embedded products has been significantly affected [4] - The company has been expanding its terminal stores steadily, with a total of 5,106 stores by the end of 2023, including 4,775 franchise stores and 331 self-operated stores [3] Revenue and Profit Forecast - The company forecasts total revenue of 20.559 billion yuan for 2024, with a year-on-year growth of 26.21% [2] - The net profit attributable to shareholders is expected to reach 1.529 billion yuan in 2024, reflecting a growth of 16.16% year-on-year [2] - The latest closing price corresponds to a P/E ratio of 12.52 for 2024 [4] Product Performance - In Q1 2024, the company reported a revenue of 5.07 billion yuan, a year-on-year increase of 23%, with a net profit of 340 million yuan, down 6.6% year-on-year [4] - The revenue from embedded products in Q1 2024 was 128 million yuan, a decrease of 42.2% year-on-year, while the revenue from gold products was 4.513 billion yuan, an increase of 28.9% year-on-year [4] Store Expansion and Channel Integration - The company has been actively integrating channel resources, with a net increase of 490 stores in 2023, and a total of 5,129 stores by the end of Q1 2024 [3]