BIEM(002832) 国泰君安·2024-04-28 06:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 39.71 [1][2] Core Views - The company has shown consistent high-quality growth, with a 25% YoY increase in net profit attributable to the parent company in 2023 [1] - The company's performance in Q1 2024 was robust, with revenue and net profit growing by 17.6% and 20.4% YoY, respectively [1] - The company is expected to continue its rapid growth trajectory, with EPS forecasts of CNY 2.11, CNY 2.51, and CNY 2.97 for 2024, 2025, and 2026, respectively [1] Financial Performance - In 2023, the company's revenue, net profit, and non-GAAP net profit were CNY 3.54 billion, CNY 910 million, and CNY 870 million, respectively, representing YoY growth of 22.6%, 25.2%, and 29.4% [1] - The company's gross margin increased by 1.2 percentage points YoY in 2023, with online, direct, and franchise channel revenues growing by 16.1%, 34.5%, and -2.1%, respectively [1] - The company's net profit margin increased by 0.5 percentage points YoY in 2023, driven by improved operational efficiency and optimized inventory structure [1] Industry and Market Position - The company is a leading player in the men's apparel market, with a strong brand positioning and differentiated product offerings [1] - The company's focus on the "T-shirt expert" brand and super single products has helped it maintain impressive growth trends in a challenging consumer environment [1] Future Outlook - The company is expected to accelerate its offline channel expansion in 2024, which could further drive growth [1] - The company's operational efficiency is expected to continue improving, with inventory turnover days decreasing by 40 days in 2023 [1]