五芳斋2023年报及2024年一季报点评：高分红回报股东，盈利水平稳健

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][6]. Core Views - The company has shown stable profitability and is actively expanding its distribution channels [6]. - The revenue for 2023 reached 2.635 billion yuan, representing a year-on-year growth of 7.04%, while the net profit attributable to shareholders was 165.74 million yuan, up 19.74% year-on-year [6]. - The company plans to distribute a cash dividend of 1 yuan per share (including tax) and a stock bonus of 0.4 shares, resulting in a total dividend payout ratio of 114.70% when including share buybacks [6]. Financial Data and Valuation - Revenue (Million Yuan): - 2022A: 2462.10 - 2023A: 2635.31 - 2024E: 2920.88 - 2025E: 3209.65 - 2026E: 3496.48 - Year-on-Year Revenue Growth (%): - 2022A: -14.87 - 2023A: 7.04 - 2024E: 10.84 - 2025E: 9.89 - 2026E: 8.94 - Net Profit (Million Yuan): - 2022A: 138.41 - 2023A: 165.74 - 2024E: 197.58 - 2025E: 228.85 - 2026E: 256.52 - Year-on-Year Net Profit Growth (%): - 2022A: -28.53 - 2023A: 19.74 - 2024E: 19.21 - 2025E: 15.83 - 2026E: 12.09 - Return on Equity (ROE, %): - 2022A: 8.25 - 2023A: 9.40 - 2024E: 10.67 - 2025E: 11.90 - 2026E: 12.85 - Earnings Per Share (EPS, Yuan): - 2022A: 0.96 - 2023A: 1.15 - 2024E: 1.37 - 2025E: 1.59 - 2026E: 1.78 - Price-to-Earnings Ratio (P/E): - 2024E: 28.37 - 2025E: 23.69 - 2026E: 19.87 - 2027E: 17.16 - 2028E: 15.31 [2][6].