积极布局第二成长曲线，高质量增长持续领跑行业

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong growth trajectory and strategic initiatives [6] Core Views - The company reported robust financial performance in 2023 and Q1 2024, with 2023 revenue reaching 3,536 million yuan (+22.6% YoY) and net profit of 911 million yuan (+25.2% YoY) [6] - Q1 2024 revenue grew by 17.6% YoY to 1,268 million yuan, with net profit increasing by 20.4% YoY to 362 million yuan, demonstrating sustained high growth [6] - The company's gross margin improved to 78.6% in 2023 (+1.2 pct YoY), with a net profit margin of 25.8% (+0.5 pct YoY), reflecting strong profitability [6] - The company is actively expanding its international presence through acquisitions and talent recruitment, including the appointment of a former GUCCI designer as Chief Creative Officer [6] Financial Performance Summary - The company's revenue is projected to grow at a CAGR of 18.4% from 2024 to 2026, reaching 5,881 million yuan by 2026 [7] - Net profit is expected to grow at a CAGR of 25% from 2024 to 2026, reaching 1,780 million yuan by 2026 [7] - The company's ROE is forecasted to increase from 18.6% in 2023 to 25.0% in 2026, indicating improving efficiency [7] Operational Highlights - The company's offline direct sales grew by 35% YoY in 2023, while online sales increased by 16% YoY, with online gross margin rising by 7.2 pct [6] - The company expanded its store network to 1,255 stores by the end of 2023, with a focus on larger store formats and quality improvements [6] - Inventory turnover days decreased by 42 days to 346 days in 2023, reflecting improved operational efficiency [6] Valuation and Shareholder Returns - The company's current PE ratio is at a historically low level, around the 13th percentile since 2021, indicating attractive valuation [6] - The company announced a cash dividend of 570 million yuan for 2023, representing a dividend payout ratio of 62.7% and a dividend yield of 3.4% [6] Strategic Initiatives - The company completed the acquisition of global trademark rights for CERRUTI 1881 and KENT&CURWEN for approximately 700 million yuan in 2023 [6] - The company plans to relaunch KENT&CURWEN in Q3 2024, supported by its new Chief Creative Officer, as part of its international expansion strategy [6]