线下渠道保持积极扩张，24Q1业绩实现稳健增长

Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating an expected price increase relative to the benchmark index [1][19]. Core Views - The company achieved a revenue of 5.9 billion yuan in 2023, representing a year-on-year growth of 33.56%, and a net profit attributable to shareholders of 333 million yuan, up 67.41% year-on-year [1][14]. - In Q1 2024, the company reported a revenue of 1.796 billion yuan, a year-on-year increase of 17.87%, with a net profit of 131 million yuan, growing 5.47% year-on-year [1][14]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares to all shareholders [1]. Financial Performance - The total market capitalization of the company is 5.535 billion yuan [2]. - The company’s revenue is projected to reach 7.061 billion yuan in 2024, with a year-on-year growth of 19.7% [20]. - The net profit for 2024 is estimated at 406 million yuan, reflecting a year-on-year increase of 21.7% [20]. - The gross margin for 2023 was 26.1%, down 4.1 percentage points from the previous year, primarily due to an increase in the sales proportion of lower-margin gold jewelry products [18][19]. Business Expansion - The company is actively expanding its offline channels, with a target of reaching 2,000 stores by 2025 [19]. - Online sales for the jewelry business reached 1.055 billion yuan in 2023, marking a year-on-year growth of 14.84% [13][19]. - The company has seen a significant increase in revenue from its wholesale channel, which grew by 57.63% year-on-year [13]. Product Performance - Revenue from fashion jewelry reached 2.989 billion yuan in 2023, up 20.43% year-on-year, while traditional gold jewelry revenue increased by 56.75% to 2.265 billion yuan [15]. - The company is focusing on enhancing its gold product line and has initiated a brand image upgrade for its leather goods business [15][19]. Cash Flow and Efficiency - The net cash flow from operating activities for 2023 was 615 million yuan, a 48.7% increase year-on-year [18][24]. - Inventory turnover days improved to 221 days, a reduction of 94 days year-on-year [18].