点评报告：23Q1业绩稳健增长，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company reported a 30% year-on-year increase in net profit attributable to shareholders for 2023, with a steady growth in Q1 2024 [3] - The company achieved a revenue of 71.436 billion yuan in 2023, representing a 13.37% year-on-year growth, and a net profit of 2.214 billion yuan, which is a 30.23% increase [3] - The company plans to distribute a dividend of 19.50 yuan per 10 shares to all shareholders, totaling 1.02 billion yuan [3] - In Q1 2024, the company recorded a revenue of 25.630 billion yuan, up 4.36% year-on-year, and a net profit of 0.802 billion yuan, reflecting a 12% increase [3] - The jewelry segment showed robust revenue growth, with an increase of 15.44% year-on-year, totaling 58.136 billion yuan in 2023 [3] - The company expanded its marketing network by adding 385 new stores, reaching a total of 5,994 marketing outlets by the end of 2023 [3] Summary by Sections Financial Performance - In 2023, the company achieved a gross profit margin of 8.30%, an increase of 0.72 percentage points year-on-year, and a net profit margin of 4.17%, up 0.57 percentage points [3] - For Q1 2024, the gross profit margin was 8.37%, and the net profit margin was 4.11%, both showing year-on-year increases [3] - The company’s operating expenses remained stable, with sales, management, financial, and R&D expense ratios reported at 1.48%, 0.69%, 0.20%, and 0.05% respectively for 2023 [3] Forecast - The company is projected to achieve revenues of 79.066 billion yuan, 88.235 billion yuan, and 98.538 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 10.68%, 11.60%, and 11.68% [4] - Net profit is expected to reach 2.547 billion yuan, 2.897 billion yuan, and 3.306 billion yuan for the same years, with growth rates of 15.00%, 13.77%, and 14.12% [4] - The earnings per share (EPS) are forecasted to be 4.87 yuan, 5.54 yuan, and 6.32 yuan for 2024, 2025, and 2026 respectively [4]