2023&24Q1点评： 24Q1业绩超预期，2023年分红率进一步提升至 78%

Investment Rating - The investment rating for the company is "Buy" based on its performance exceeding expectations and a significant increase in dividend payout ratio to 78% for 2023 [1]. Core Insights - The company reported a revenue of 56.36 billion yuan for 2023, representing a year-on-year growth of 19.61%. The net profit attributable to the parent company was 973 million yuan, up 27.2% year-on-year [1][2]. - In Q1 2024, the company achieved a revenue of 18.25 billion yuan, a 13.08% increase year-on-year, with a net profit of 363 million yuan, reflecting a 21.09% growth [1]. - The company has consistently increased its dividend payout ratio since its listing, with a proposed cash dividend of 4.50 yuan per 10 shares for 2023, totaling 756 million yuan [1]. - The sales of gold jewelry in Q1 2024 reached 18.03 billion yuan, marking a 12.82% increase year-on-year, while service fee income surged by 299.47% [1]. Financial Performance Summary - The company's total revenue for 2022 was 47.12 billion yuan, which increased to 56.36 billion yuan in 2023, with projections of 63.14 billion yuan for 2024 [2][30]. - The net profit attributable to the parent company was 765 million yuan in 2022, rising to 973 million yuan in 2023, with an expected increase to 1.13 billion yuan in 2024 [2][30]. - The gross profit margin for 2023 was 4.1%, with projections of 4.2% for 2024 [15]. - The company plans to open 615 new stores in 2023, with a total of 4,265 stores by the end of Q1 2024 [1]. Sales and Revenue Breakdown - Revenue from gold products, K-gold jewelry, brand usage fees, and management service fees for 2023 were 55.49 billion yuan, 356 million yuan, 110 million yuan, and 84 million yuan respectively, with year-on-year changes of +20.09%, -26.51%, +40.67%, and -10.33% [1]. - Direct sales and distribution revenue were 32.94 billion yuan and 23.10 billion yuan respectively, with year-on-year growth of 15.41% and 26.08% [1].