2023年线下圆满完成拓店计划，电商渠道营收实现高增

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6]. Core Views - The company achieved a robust revenue growth of 46.52% year-on-year in 2023, reaching 16.29 billion yuan, with a net profit of 1.316 billion yuan, up 20.67% [3][4]. - The first quarter of 2024 shows continued growth, with revenue of 5.07 billion yuan, a 23.01% increase year-on-year, although net profit decreased by 6.61% [3][4]. - The company successfully completed its store expansion plan, surpassing 5,000 stores by the end of 2023, and the e-commerce channel showed strong growth [6]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 16.29 billion yuan, a 46.52% increase, and a net profit of 1.316 billion yuan, reflecting a 20.67% growth [3][4]. - The first quarter of 2024 saw revenue of 5.07 billion yuan, a 23.01% increase, but net profit fell to 341 million yuan, down 6.61% [3][4]. Revenue Breakdown - The revenue from self-operated offline, online, and franchise channels in 2023 was 1.617 billion yuan, 2.508 billion yuan, and 11.972 billion yuan, respectively, with year-on-year growth rates of 51.29%, 62.25%, and 44.31% [2][3]. - The online channel's revenue in 2023 reached 2.508 billion yuan, with significant contributions from platforms like Tmall and JD [2][3]. Profitability Metrics - The company's gross margin decreased to 18.1% in 2023, down 2.6 percentage points year-on-year, primarily due to a higher sales proportion of lower-margin gold jewelry [5][6]. - The net profit margin for 2023 was 8.06%, a decline of 1.72 percentage points compared to the previous year [5]. Future Projections - The report forecasts earnings per share (EPS) of 1.37, 1.53, and 1.74 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 11.8, 10.6, and 9.3 [6][9]. - The company is expected to maintain a strong market position, with anticipated revenue growth rates of 19.6%, 15.8%, and 13.6% for the years 2024 to 2026 [10].