点评：23年分红超预期兑现，24Q1业绩主要受销售费用&黄金租赁拖累

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1]. Core Insights - The company reported a revenue of 16.29 billion yuan in 2023, representing a year-on-year increase of 46.5%. The net profit attributable to the parent company was 1.316 billion yuan, up 20.67% year-on-year, while the net profit excluding non-recurring items was 1.268 billion yuan, an increase of 23.64% [1][2]. - In Q1 2024, the company achieved a revenue of 5.07 billion yuan, a year-on-year increase of 23%. The gross profit was 790 million yuan, up 6.9%, but the net profit attributable to the parent company decreased by 6.6% to 341 million yuan [1][2]. - The company declared a cash dividend of 0.65 yuan per share for the 2023 annual report, along with an interim dividend of 0.3 yuan per share, totaling a cash dividend of 0.95 yuan per share, with a total cash dividend amounting to 1.031 billion yuan and a dividend payout ratio of 78% [1][2]. Financial Performance Summary - The total revenue for 2023 was 16.29 billion yuan, with a growth rate of 46.5% year-on-year. The net profit attributable to the parent company was 1.316 billion yuan, reflecting a growth rate of 20.7% year-on-year. The gross margin was 18.1% [2][3]. - For Q1 2024, the company reported a revenue of 5.07 billion yuan, with a year-on-year growth of 23%. The gross profit was 790 million yuan, with a gross margin of 15.6% [1][2]. - The company plans to open 490 new stores in 2023, with 82 self-operated and 408 franchised stores. As of March 31, 2024, the total number of stores reached 5,129 [1][2]. Earnings Forecast - The company is expected to achieve revenues of 19.64 billion yuan, 22.34 billion yuan, and 25.13 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.6%, 13.8%, and 12.5% [2][3]. - The net profit attributable to the parent company is projected to be 1.493 billion yuan, 1.671 billion yuan, and 1.850 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 13.5%, 11.9%, and 10.7% [2][3].