黄金产品持续景气，积极分红回报股东

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company reported a strong performance in 2023, with total revenue reaching 16.29 billion yuan, a year-on-year increase of 46.52%, and a net profit attributable to shareholders of 1.32 billion yuan, up 20.67% [6]. - The growth in revenue is attributed to the sustained demand for gold products, with a notable increase in sales across various channels [6]. - The company has announced a profit distribution plan, proposing a cash dividend of 6.5 yuan per 10 shares, which translates to a dividend yield of 3.72% based on the closing price of 17.47 yuan per share [6]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 162.90 billion yuan, with a net profit of 13.16 billion yuan, reflecting a strong growth trajectory [6][7]. - The fourth quarter of 2023 saw a significant revenue increase of 74.01% year-on-year, while the first quarter of 2024 reported a revenue of 50.70 billion yuan, a 23.01% increase [6][7]. Product and Channel Performance - The revenue from gold products continues to grow, with self-operated offline and online channels showing increases of 51.29% and 62.25% respectively in 2023 [6]. - The company has expanded its store network, reaching a total of 5,129 stores by the end of the first quarter of 2024, with a focus on improving store quality and optimizing layout [6]. Future Outlook - The report projects a continued positive trend in the gold jewelry market, with expected net profits of 1.51 billion yuan and 1.69 billion yuan for 2024 and 2025 respectively [7][8]. - The company plans to maintain a shareholder return policy, committing to distribute at least 50% of its cumulative distributable profits over the next three years [6].