Investment Rating - The report assigns a rating of "Buy" for the company, expecting the stock to outperform the market by 5%-15% over the next 12 months [5]. Core Insights - The company reported a revenue of 6.564 billion yuan for 2023, representing a year-on-year growth of 33.7%. The net profit attributable to the parent company was 336 million yuan, an increase of 81.6% year-on-year [7][8]. - The gross profit margin improved to 45.8%, up by 1.35 percentage points compared to the previous year, driven by a decrease in material costs and logistics expenses [7]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling approximately 1 billion yuan, with a dividend payout ratio of 60% [7]. - The company aims to expand its brand presence and explore new channels, including TikTok and European markets, to drive future growth [7]. Financial Summary - Revenue projections for 2024-2026 are 8.653 billion yuan, 11.007 billion yuan, and 13.961 billion yuan, with year-on-year growth rates of 31.8%, 27.2%, and 26.8% respectively [7]. - The net profit attributable to the parent company is expected to reach 440 million yuan in 2024, 576 million yuan in 2025, and 746 million yuan in 2026, with growth rates of 31.2%, 30.7%, and 29.5% respectively [7]. - The report highlights an expected EPS of 1.10 yuan in 2024, 1.44 yuan in 2025, and 1.86 yuan in 2026, with corresponding P/E ratios of 23.20, 17.74, and 13.70 [7].
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