净利润持续受海外亏损影响，国内业务高质量增长

Investment Rating - The report maintains an "Accumulate" rating for the company [16][23]. Core Views - The company has shown significant revenue growth driven by domestic business, despite facing losses from overseas operations. The report highlights a strong growth potential for the main brand and emerging sub-brands [23]. - Due to substantial goodwill impairment and ongoing overseas losses, the net profit for 2023 is expected to fall short of projections. The report revises net profit forecasts downward for 2024-2026, while maintaining revenue expectations [23]. Financial Forecasts and Key Metrics - Revenue Forecast (in million CNY): - 2022: 2,395 - 2023: 2,915 (+21.7%) - 2024E: 3,243 (+11.2%) - 2025E: 3,654 (+12.7%) - 2026E: 4,095 (+12.1%) [11][23] - Net Profit Forecast (in million CNY): - 2022: 20 - 2023: 106 (+416.6%) - 2024E: 231 (+118.8%) - 2025E: 314 (+35.9%) - 2026E: 370 (+17.8%) [11][23] - Earnings Per Share (in CNY): - 2022: 0.06 - 2023: 0.29 - 2024E: 0.61 - 2025E: 0.83 - 2026E: 0.98 [11][23] - Key Ratios: - EBIT Margin: - 2022: 7.2% - 2023: 13.5% - 2024E: 12.0% - 2025E: 14.1% - 2026E: 14.8% [11] - Return on Equity (ROE): - 2022: 0.7% - 2023: 3.6% - 2024E: 7.8% - 2025E: 10.3% - 2026E: 11.7% [11] - Valuation Metrics: - Price-to-Earnings Ratio (P/E): - 2022: 146.4 - 2023: 28.3 - 2024E: 13.2 - 2025E: 9.7 - 2026E: 8.3 [11] - Enterprise Value to EBITDA (EV/EBITDA): - 2022: 19.7 - 2023: 10.3 - 2024E: 10.5 - 2025E: 8.3 - 2026E: 7.2 [11] - Price-to-Book Ratio (P/B): - 2022: 1.1 - 2023: 1.0 - 2024E: 1.0 - 2025E: 1.0 - 2026E: 1.0 [11]