金饰销售规模继续扩张，高分红回馈投资者

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company achieved a revenue growth of 46.5% to 16.29 billion yuan in 2023, with a net profit increase of 20.7% to 1.316 billion yuan, aligning with expectations [1]. - The company has a high cash dividend payout ratio of 78% for the year, distributing a total of 710 million yuan in cash dividends [1]. - The first quarter of 2024 showed a revenue increase of 23% to 5.07 billion yuan, but net profit decreased by 6.6% to 340 million yuan due to changes in product mix [1]. Summary by Sections Revenue and Profitability - In 2023, the company's revenue reached 16.29 billion yuan, with a net profit of 1.316 billion yuan, reflecting a 20.7% year-on-year increase [1]. - The gross margin decreased by 2.6 percentage points to 18.1%, while the net profit margin fell by 1.7 percentage points to 8.1% [1]. - For Q1 2024, revenue was 5.07 billion yuan, with a net profit of 340 million yuan, indicating a decline in profitability [1]. Channel Performance - Self-operated offline channels saw a revenue increase of 51.29% to 1.617 billion yuan in 2023, with a net increase of 82 stores [2]. - Online sales grew significantly by 62.25% to 2.508 billion yuan, driven by enhanced e-commerce capabilities [2]. - Franchise business revenue rose by 44.31% to 11.972 billion yuan, with a net increase of 408 franchise stores [3]. Product Performance - Revenue from gold jewelry surged by 62.01% to 13.72 billion yuan, accounting for 84.2% of total revenue [7]. - Sales of embedded jewelry declined by 29.4% to 920 million yuan, reflecting a shift in consumer preference towards gold products [7]. Financial Forecast - The company is expected to achieve a net profit of 1.463 billion yuan in 2024, representing an 11.2% growth year-on-year [8]. - The projected revenue for 2024 is 19.685 billion yuan, with a growth rate of 20.8% [8]. - The report anticipates continued expansion in offline channels and sustained demand for gold products, despite potential pressure on profit margins [7][8].