2023&24Q1业绩表现亮眼，加盟拓店步伐加快

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 7.82 CNY [5][8]. Core Views - The company has experienced a significant increase in revenue and net profit in 2023, with a revenue of 5.90 billion CNY (+33.56%) and a net profit of 0.33 billion CNY (+67.41%) [14]. - The company plans to accelerate its franchise channel expansion and aims to open 300 new franchise stores in 2024 [4][17]. - The gross margin has declined due to changes in the business structure, with a gross margin of 26.07% in 2023, down 4.11 percentage points [15]. Financial Performance Summary - In 2023, the company achieved a total revenue of 5,899.9 million CNY, with a projected revenue growth of 17.6% for 2024 and 2025, and 14.2% for 2026 [9][11]. - The net profit for 2023 was 333.3 million CNY, with expected growth rates of 38.9%, 18.6%, and 11.5% for the years 2024, 2025, and 2026 respectively [9][11]. - The company’s earnings per share (EPS) is projected to increase from 0.38 CNY in 2023 to 0.69 CNY by 2026 [9][11]. Business Structure and Channel Performance - The company’s self-operated revenue in 2023 was 3.26 billion CNY (+14.53%), while franchise revenue reached 2.48 billion CNY (+67.52%) [16]. - The company had a total of 1,399 jewelry stores by the end of 2023, with a net increase of 241 stores [16]. - The traditional gold jewelry segment showed strong growth, with revenue of 2.27 billion CNY (+56.75%) [16].