2023年业绩增速亮眼，龙头价值凸显

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue growth of 13.4% in 2023, reaching 71.44 billion yuan, with a net profit increase of 30.2% to 2.214 billion yuan, aligning with expectations [1] - The company plans to expand its store network by 300+ in 2024, enhancing its market share and product development efforts [1] - The company is focusing on product innovation and channel expansion, including online sales and membership models, which have seen significant growth [1] Financial Performance Summary - 2023 Financials: Revenue of 71.44 billion yuan, net profit of 2.214 billion yuan, and a gross margin of 8.3% [1][9] - 2024 Q1 Performance: Revenue increased by 4.4% to 25.63 billion yuan, with a net profit growth of 12% to 800 million yuan [1] - Future Projections: Expected revenue growth of 7.7% in 2024, with net profit projected to increase by 10.9% [1][9] Operational Efficiency - The company maintained healthy inventory turnover days, reducing to 80 days in 2023 and 46 days in Q1 2024 [1] - Accounts receivable turnover days remained stable at 2 days in 2023, with a slight increase to 3 days in Q1 2024 [1] Valuation Metrics - The company is projected to have a P/E ratio of 17 times for 2024, with net profits expected to reach 2.457 billion yuan [1][9] - The report forecasts net profits of 2.457 billion yuan, 2.807 billion yuan, and 3.222 billion yuan for 2024, 2025, and 2026 respectively [1][9]