点评报告：黄金产品延续高景气，线下拓店提速

Investment Rating - The investment rating for the company is "Buy" [4][10][13] Core Views - The company achieved a revenue of 16.29 billion yuan in 2023, representing a year-on-year increase of 46.52%, with a net profit of 1.316 billion yuan, up 20.67% year-on-year. In Q1 2024, revenue reached 5.07 billion yuan, a 23.01% increase year-on-year, although net profit decreased by 6.61% to 341 million yuan [2][10] - The company continues to experience strong growth in gold products, with significant online sales growth and an accelerated pace of offline store expansion. The revenue from gold products reached 13.72 billion yuan in 2023, up 62.01% year-on-year, while the revenue from embedded products decreased by 29.4% [2][3] - The company has optimized its channel resources, resulting in a total of 5,106 stores by the end of 2023, with a net increase of 490 stores. In Q1 2024, offline business revenue continued to grow rapidly, with self-operated offline business revenue increasing by 28.73% year-on-year [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company's gross margin decreased by 2.64 percentage points to 18.14%, and the net margin decreased by 1.72 percentage points to 8.06% due to changes in revenue structure from increased gold sales and decreased embedded product sales [3][10] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares for the 2023 fiscal year, with total cash dividends for the year amounting to 78.36% of the net profit [2] Revenue Forecast - The forecast for the company's revenue is as follows: 19.52 billion yuan in 2024, 22.33 billion yuan in 2025, and 25.56 billion yuan in 2026, with growth rates of 19.82%, 14.39%, and 14.49% respectively [4][11] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.34 yuan, 1.49 yuan, and 1.69 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12, 11, and 10 times [10][11]