Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to market indices [13]. Core Insights - The company achieved a revenue of 6.564 billion yuan in 2023, representing a year-on-year growth of 33.7%. The net profit attributable to shareholders was 336 million yuan, with a significant increase of 81.6% compared to the previous year [14]. - The gross margin for 2023 was reported at 45.8%, while the return on equity (ROE) was 13.9%. The earnings per share (EPS) for 2023 was 0.84 yuan [14]. - The company is focusing on digital transformation and brand matrix development, which has led to substantial growth in its cross-border e-commerce business [14]. Financial Summary - Revenue Forecast: Projected revenues for 2024, 2025, and 2026 are 8.205 billion yuan, 10.005 billion yuan, and 11.306 billion yuan, respectively, with growth rates of 25.0%, 22.0%, and 13.0% [14]. - Net Profit Forecast: Expected net profits for the same years are 432 million yuan, 541 million yuan, and 640 million yuan, with growth rates of 28.6%, 25.5%, and 18.2% [14]. - Profitability Metrics: The gross margin is expected to remain stable around 45.3% to 46.0% from 2024 to 2026, while ROE is projected to increase to 17.2% by 2026 [14]. Business Performance - The company's main business, cross-border e-commerce, generated 6.397 billion yuan in revenue in 2023, accounting for 97.47% of total revenue, with a year-on-year growth of 34.68% [14]. - The apparel and accessories category saw a revenue of 4.671 billion yuan, growing by 41.49%, while non-apparel categories also showed recovery with a revenue of 1.736 billion yuan, up by 19.48% [14]. - The company has successfully built a brand matrix, with notable brands achieving significant sales milestones, contributing to overall revenue growth [14].
2023年报暨2024一季报点评：盈利能力稳步提升，数字化赋能品牌矩阵