BIEM(SZ:002832) KAIYUAN SECURITIES·2024-04-28 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) as of April 26, 2024 [2]. Core Views - The company continues to experience growth in Q1 2024, with a focus on international expansion under its brand matrix [2][3]. - The company achieved a revenue of 3.536 billion yuan in 2023, representing a year-on-year increase of 22.6% [2]. - In Q1 2024, the company reported a revenue of 1.27 billion yuan, a year-on-year increase of 17.6% [2]. - The company is optimistic about the ongoing expansion of various store formats and the improvement in store efficiency [3]. Financial Performance Summary - In 2023, the company achieved a gross profit margin of 78.6%, which increased by 1.2 percentage points year-on-year [3]. - The net profit margin for 2023 was 25.8%, reflecting a year-on-year increase of 0.5 percentage points [3]. - The company’s revenue is projected to grow from 4.267 billion yuan in 2024E to 6.114 billion yuan in 2026E, with year-on-year growth rates of 20.7% and 19.4% respectively [4]. - The diluted EPS is expected to increase from 2.00 yuan in 2024E to 2.89 yuan in 2026E [4]. Operational Highlights - The company opened 64 new stores in 2023, bringing the total to 1,255 stores, with a net increase of 28 direct-operated stores and 36 franchised stores [3]. - The average revenue per direct-operated store in 2023 was 3.946 million yuan, marking a year-on-year increase of 28.3% [3]. - The company has established a research and development center in Paris, enhancing its product offerings under brands like K&C and CERRUTI 1881 [3].