2024Q1扣非归母净利润稳健增长，期待渠道持续扩张

Investment Rating - The report maintains a "Buy" rating for the company [15]. Core Views - The company reported a steady growth in net profit attributable to the parent company, with expectations for continued channel expansion [14]. - The company is a leading domestic mid-to-high-end menswear group, with a projected net profit growth of approximately 15% for 2024 [14]. Financial Summary - Revenue (Million CNY): - 2022A: 4,313 - 2023A: 5,254 - 2024E: 5,913 - 2025E: 6,638 - 2026E: 7,328 - YoY Growth Rate: 2023A +21.8%, 2024E +12.6% [2][6] - Net Profit (Million CNY): - 2022A: 459 - 2023A: 698 - 2024E: 806 - 2025E: 921 - 2026E: 1,043 - YoY Growth Rate: 2023A +52.1%, 2024E +15.5% [2][6] - EPS (CNY/Share): - 2022A: 0.31 - 2023A: 0.48 - 2024E: 0.55 - 2025E: 0.63 - 2026E: 0.71 [2][6] - ROE (%): - 2022A: 11.8 - 2023A: 16.3 - 2024E: 17.0 - 2025E: 17.0 - 2026E: 17.0 [2][6] - P/E Ratio: - 2022A: 17.7 - 2023A: 11.6 - 2024E: 10.1 - 2025E: 8.8 - 2026E: 7.8 [2][6] - P/B Ratio: - 2022A: 2.1 - 2023A: 1.9 - 2024E: 1.7 - 2025E: 1.5 - 2026E: 1.3 [2][6] Operational Insights - The company’s main brand and HAZZYS showed stable revenue performance, while the Bao Niao brand experienced rapid growth [14]. - The company plans to continue expanding its store network, with an estimated 10% to 20% increase in new stores for 2024 [14]. - The company’s inventory turnover remains healthy, with inventory decreasing by 0.6% YoY to 1.07 billion CNY [14].