公司信息更新报告：2023年业绩亮眼且延续高分红，2024Q1稳健增长

Investment Rating - The investment rating for the company is maintained as "Buy" [2]. Core Insights - The company reported strong performance in 2023 with revenue of 21.53 billion yuan (up 16%) and net profit attributable to shareholders of 2.95 billion yuan (up 37%). The dividend payout ratio for 2023 was 91.1%. For Q1 2024, revenue was 6.18 billion yuan (up 8.7%) and net profit was 0.89 billion yuan (up 10.4%) [4][9][26]. - The company expects steady growth in its main brand, with a projected net profit of 3.15 billion yuan for 2024, 3.53 billion yuan for 2025, and 3.88 billion yuan for 2026, with corresponding EPS of 0.7, 0.7, and 0.8 yuan respectively [4][26]. Summary by Sections 1. Performance Overview - In 2023, the company achieved a revenue of 21.53 billion yuan, a 15.98% increase year-on-year, and a net profit of 2.95 billion yuan, reflecting a 36.96% increase. The Q1 2024 revenue was 6.18 billion yuan, up 8.72%, with a net profit of 0.89 billion yuan, up 10.41% [9][26]. - The main brand, HLA, generated 16.46 billion yuan in 2023, a 19.66% increase, and accounted for 79.3% of total revenue [12][18]. 2. Brand and Channel Performance - Online revenue for 2023 was 3.26 billion yuan, up 14.06%, while offline revenue was 17.50 billion yuan, up 16.26%. In Q1 2024, online revenue increased by 34% to 0.85 billion yuan [14][15]. - The company closed 1,342 stores in 2023, ending the year with 6,877 stores. The main brand, HLA, had 5,976 stores, with a net increase of 34 stores [16][18]. 3. Profitability and Operational Efficiency - The overall gross margin for 2023 was 44.47%, an increase of 1.6 percentage points. The net profit margin was 13.71%, up 2.1 percentage points [18][23]. - Inventory turnover days improved to 240 days in Q1 2024, down 6 days year-on-year, indicating better operational efficiency [24][25]. 4. Financial Forecast and Investment Recommendation - The company has slightly adjusted its profit forecasts for 2024-2025, now expecting net profits of 3.15 billion yuan and 3.53 billion yuan respectively. The current stock price corresponds to a PE ratio of 13.9 for 2024 [4][26].