Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 6.29 yuan [19]. Core Viewpoints - The company achieved a revenue of 8.753 billion yuan in 2023, representing a year-on-year growth of 2.73%. The net profit attributable to the parent company was 105 million yuan, down 13.92% year-on-year, but adjusted net profit excluding share-based payments and convertible bond interest was 211 million yuan, up 55.70% year-on-year [1]. - The company is recognized as a leader in the maternal and infant channel, with strong omni-channel operational capabilities and continuous improvement in its private label offerings. The digital transformation is expected to drive performance growth, and the expansion of children's lifestyle stores and franchise businesses presents new opportunities [1][3]. Financial Performance Summary - In 2023, the company's revenue breakdown was as follows: maternal and infant products contributed 7.576 billion yuan (up 2.15% year-on-year), maternal and infant services 311 million yuan (up 23.98%), supplier services 606 million yuan (up 0.08%), advertising 68 million yuan (down 8.71%), platform services 116 million yuan (up 9.44%), and other services 76 million yuan (up 12.90%) [1]. - The gross profit margin for 2023 was 29.56%, a decrease of 0.35 percentage points year-on-year, while the net profit margin was 1.20%, down 0.23 percentage points year-on-year. The adjusted net profit margin was 2.41%, an increase of 0.82 percentage points year-on-year [1]. Future Earnings Forecast - The company is expected to achieve net profits of 250 million yuan, 352 million yuan, and 442 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 137.9%, 40.9%, and 25.6% [5][6]. - The projected price-to-earnings (PE) ratios for the same years are 28X, 20X, and 16X, respectively [5][6]. Strategic Developments - The company is steadily advancing the acquisition of Leyou, enhancing its store layout in northern regions. By the end of 2023, the total number of stores for both brands reached 1,025, covering 21 provinces and cities [1]. - The company has established strategic partnerships with 1,450 self-operated suppliers and over 3,500 global quality brands, expanding its private label offerings to more than 11 categories, resulting in a 74% year-on-year increase in private label transaction volume [1].
2023年年报及2024年一季报点评：儿童生活馆表现优秀，差异化供应链加速完善，母婴渠道龙头地位持续巩固