BIEM(SZ:002832) Tianfeng Securities·2024-05-07 01:30Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [7]. Core Views - The company demonstrates resilience with accelerated store openings in the second half of 2023 and a dividend payout exceeding expectations [1][2]. - The company focuses on T-shirt branding, enhancing product innovation, and expanding market share while improving brand image and cultural strength [4]. - Financial forecasts remain stable, with projected net profits for 2024-2026 at 1.2 billion, 1.4 billion, and 1.8 billion respectively, indicating a strong growth trajectory [5]. Financial Performance Summary - In Q1 2024, the company reported revenues of 1.268 billion, a year-on-year increase of 17.6%, and a net profit of 362 million, up 20.4% [1]. - For the full year 2023, revenues reached 3.536 billion, reflecting a 22.6% increase, with a net profit of 911 million, up 25.2% [1][2]. - The gross margin for 2023 was 78.6%, an increase of 1.2 percentage points, while the net profit margin was 25.8%, up 0.5 percentage points [3]. Sales Channel Breakdown - Online sales generated 195 million, a 16.1% increase, with a gross margin of 70.6% [2]. - Direct sales amounted to 2.395 billion, up 34.6%, with a gross margin of 83.1% [2]. - Franchise sales decreased by 2.1% to 918 million, with a gross margin of 70.3% [2]. Store Expansion - As of the end of 2023, the company operated 607 direct stores, an increase of 28, and 648 franchise stores, an increase of 36 [3]. Future Outlook - The company is expected to continue its growth trajectory with a focus on high-quality channel development and targeting younger demographics through its golf series [5]. - The projected earnings per share (EPS) for 2024-2026 are 2.1, 2.5, and 3.1 yuan per share, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 10 times [5].