2023年黄金饰品销售亮眼，期待2024年景气延续

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [25]. Core Views - The company demonstrated strong sales in gold jewelry in 2023, with expectations for continued growth in 2024 [1]. - The self-operated channel revenue grew by 14.53% year-on-year to 3.26 billion yuan, driven by improved store efficiency despite a reduction in the number of self-operated stores [2]. - The traditional gold business saw a remarkable revenue increase of 56.75% year-on-year, reaching 2.26 billion yuan, as consumers favored gold jewelry for its value preservation amid rising gold prices [6]. - The company is expected to achieve a revenue growth of 17% and a profit growth of 19% in 2024, supported by stable consumer demand and ongoing expansion of its franchise operations [11]. Summary by Sections Revenue and Profitability - In 2023, the company reported a revenue increase of 33.6% to 5.9 billion yuan, with a net profit growth of 67.4% to 330 million yuan [22]. - The gross margin decreased by 4.1 percentage points to 26.1%, attributed to changes in channel and product mix [22]. - The company plans to distribute cash dividends of approximately 220 million yuan, maintaining a high dividend payout ratio of 67% [22]. Product Performance - The jewelry segment's revenue increased by 20.43% year-on-year to 2.99 billion yuan, while the leather goods segment grew by 14.41% to 370 million yuan [6]. - The franchise business experienced significant growth, with revenue rising by 67.52% to 2.48 billion yuan, driven by an increase in the number of franchise stores [23]. Operational Efficiency - The company's inventory turnover days improved, decreasing by 94 days to 221 days in 2023, indicating enhanced operational efficiency [24]. - The net cash flow from operating activities increased by 48.6% year-on-year to 620 million yuan, reflecting a solid operational performance [24]. Financial Forecast - The company is projected to achieve net profits of 397 million yuan, 464 million yuan, and 539 million yuan for the years 2024, 2025, and 2026, respectively [29]. - The current stock price corresponds to a price-to-earnings ratio of 14 times for 2024, suggesting potential for investment [29].