MCLON(300945) 民生证券·2024-04-28 10:00Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company achieved a revenue of 1.923 billion yuan in 2023, representing a year-on-year increase of 19.44%, and a net profit attributable to shareholders of 80 million yuan, up 47.53% year-on-year [1]. - The company is expected to achieve revenues of 2.467 billion, 3.123 billion, and 3.885 billion yuan in 2024, 2025, and 2026 respectively, with year-on-year growth rates of 28.3%, 26.6%, and 24.4% [1][4]. - The net profit attributable to shareholders is projected to be 100 million, 123 million, and 141 million yuan for the same years, with growth rates of 25.2%, 22.3%, and 15.2% respectively [1][4]. Revenue and Profit Analysis - In 2023, the company’s revenue from gold jewelry reached 1.769 billion yuan, a year-on-year increase of 32.14%, accounting for 91.99% of total revenue [1]. - The e-commerce segment saw significant growth, with revenue of 918 million yuan, up 49.60% year-on-year, representing 47.74% of total revenue [1]. - For Q1 2024, the company reported revenue of 500 million yuan, a year-on-year increase of 45.12% [1]. Store Expansion and Performance - As of the end of 2023, the company had a total of 218 stores, with a net increase of 8 stores during the year [1]. - The average revenue per store decreased by 7.45% year-on-year to 6.4958 million yuan due to the impact of the embedded jewelry segment [1]. Margin and Cost Control - The gross margin for 2023 was 14.64%, a decrease of 1.94 percentage points year-on-year [1]. - The company maintained good control over its expense ratios, with a sales expense ratio of 6.31% in 2023, down 1.47 percentage points year-on-year [1]. Digital Transformation and Brand Development - The company is advancing its digital management transformation, establishing a digital platform to enhance operational efficiency [1]. - The brand strategy focuses on young consumers, emphasizing fashion and originality in product design [1]. Profit Distribution Plan - The company proposed a profit distribution plan for 2023, with a cash dividend of 1.22 yuan per 10 shares, representing a distribution ratio of 39.9% [1]. Financial Forecast - The report forecasts a PE ratio of 29, 24, and 21 for the years 2024, 2025, and 2026 respectively, based on the closing price on April 26, 2024 [1][4].