24Q1经营情况亮眼，盈利水平仍维持提升

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1] Core Views - The company demonstrated strong growth in 2023, achieving a revenue of 3.536 billion RMB, a year-on-year increase of 22.58%, and a net profit of 911 million RMB, up 25.17% [4][5] - The first quarter of 2024 continued to show robust performance, with revenue reaching 1.268 billion RMB, a 17.55% increase year-on-year, and a net profit of 362 million RMB, up 20.43% [5] - The company's growth is supported by channel expansion and precise marketing strategies, particularly in the high-end sports market [5] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 3.536 billion RMB, with a net profit of 911 million RMB, reflecting strong growth despite a weak domestic demand recovery [5][6] - The gross margin and net margin improved to 78.61% and 25.76% respectively in 2023, with further improvements in Q1 2024 to 76.03% and 28.55% [5][9] Growth Drivers - The company expanded its direct sales channels, generating 2.395 billion RMB in revenue, a 34.55% increase, while the franchise channel saw a slight decline [5] - Online sales grew by 16.08% to 195 million RMB, driven by increased advertising and targeted marketing efforts [5] Future Outlook - The company is expected to continue its growth trajectory, with projected EPS of 2.08, 2.47, and 2.93 RMB for 2024, 2025, and 2026 respectively, and corresponding PE ratios of 14, 12, and 10 [6][8] - The strategic focus on product innovation and brand enhancement is anticipated to open up significant market opportunities [5]