2023年业绩良性增长，2024Q1线上及团购业务增速亮眼 2023年报及2024年一

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company, Hailan Home (600398), reported a strong performance in 2023 with revenue of 21.53 billion yuan, a year-on-year increase of 16.0%, and a net profit of 2.95 billion yuan, up 37.0% year-on-year [3][4] - For Q1 2024, the company achieved revenue of 6.18 billion yuan, reflecting an 8.7% year-on-year growth, with a net profit of 889 million yuan, a 10.4% increase year-on-year [3][4] - The main brand's revenue for 2023 was 16.46 billion yuan, growing by 19.7% year-on-year, with a gross margin improvement to 45.2% [4] - The company plans to distribute a dividend of 0.56 yuan per share, totaling 2.69 billion yuan, with a payout ratio of 91.1% [3][4] Summary by Sections Financial Performance - In 2023, the company's total revenue was 21.53 billion yuan, with a net profit of 2.95 billion yuan, resulting in a net profit margin of 13.7% [3][4] - For Q1 2024, revenue reached 6.18 billion yuan, with a net profit margin of 14.4% [3][4] - The company’s main brand revenue for Q1 2024 was 5.13 billion yuan, a 6.5% increase year-on-year [4] Sales Channels - Online sales for 2023 amounted to 3.26 billion yuan, up 14.1% year-on-year, while offline sales were 17.50 billion yuan, increasing by 16.3% [4] - In Q1 2024, online sales reached 850 million yuan, a significant 34.0% increase year-on-year, while offline sales were 5.20 billion yuan, up 3.3% [4] Store Expansion - As of the end of 2023, the company had a total of 5,976 main brand stores, with a net increase of 34 stores [4] - By the end of Q1 2024, the total number of main brand stores was 5,954, indicating continued expansion [4] Future Projections - The company is projected to achieve revenues of 23.39 billion yuan, 25.26 billion yuan, and 27.24 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.6%, 8.0%, and 7.8% [6][7] - Net profit forecasts for the same years are 3.24 billion yuan, 3.53 billion yuan, and 3.83 billion yuan, with growth rates of 9.9%, 8.9%, and 8.4% respectively [6][7]