24Q1实现营收51亿同比+23%，看好后续品牌调性提升开店加速

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a revenue of 16.29 billion yuan in 2023, a year-on-year increase of 46.52%, and a net profit attributable to shareholders of 1.316 billion yuan, up 20.67% year-on-year [1][3]. - In Q1 2024, the company reported a revenue of 50.70 billion yuan, a year-on-year increase of 23.01%, but a net profit of 3.41 billion yuan, down 6.61% year-on-year due to rising gold prices and cautious consumer sentiment [1][2]. - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares, resulting in a payout ratio of 78.5% and a dividend yield of 5.9% [1]. Revenue Analysis - In 2023, the company's revenue from self-operated, internet, and franchise businesses was 1.617 billion, 2.508 billion, and 11.972 billion yuan respectively, with year-on-year growth rates of 51.29%, 62.25%, and 44.31% [1]. - The sales of gold products continued to grow, with revenue from pure gold and embedded products reaching 13.72 billion and 918 million yuan, respectively, showing a year-on-year increase of 62.01% and a decrease of 29.4% [1]. Profitability Metrics - The gross profit margin for 2023 was 18.14%, a decrease of 2.64 percentage points year-on-year, while Q1 2024 saw a gross profit margin of 15.57%, down 2.34 percentage points year-on-year [1][2]. - The company’s expense ratio for 2023 was 6.55%, a decrease of 1.01 percentage points year-on-year, with specific rates for sales, management, R&D, and financial expenses being 5.80%, 0.65%, 0.08%, and 0.02% respectively [1]. Store Expansion - In 2023, the company added 988 stores and closed 498, resulting in a net increase of 490 stores. As of March 31, 2024, the total number of stores reached 5,129, with 4,793 being franchise stores [2]. - In Q1 2024, the company opened 66 new stores and closed 43, resulting in a net increase of 23 stores [2]. Future Performance Projections - The company is expected to achieve revenues of 1.55 billion, 1.78 billion, and 2.06 billion yuan in 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12x, 10x, and 9x [2][3].