公司季报点评：增长势能持续，省外表现亮眼

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a total revenue of 10.1 billion yuan in 2023, representing a year-on-year increase of 28.0%, and a net profit of 3.136 billion yuan, up 25.3% year-on-year [6][7] - The Q4 revenue for 2023 was 1.735 billion yuan, with a year-on-year growth of 26.7%, and a net profit of 500 million yuan, increasing by 18.8% year-on-year [6] - The company announced a profit distribution plan for 2023, with a cash dividend of 10.0 yuan per 10 shares, raising the dividend payout ratio from 36.4% in 2022 to 39.8% in 2023 [6] - In Q1 2024, the company achieved a revenue of 4.671 billion yuan, a year-on-year increase of 22.8%, and a net profit of 1.533 billion yuan, up 22.1% year-on-year [6] Summary by Sections Financial Performance - The company’s revenue and net profit for 2023 were 10.1 billion yuan and 3.136 billion yuan respectively, with significant growth rates of 28.0% and 25.3% year-on-year [6][7] - The gross profit margin for 2023 was 78.3%, an increase of 1.74 percentage points year-on-year, attributed to product structure upgrades and a decrease in unit costs [6][9] - The company expects EPS for 2024-2026 to be 3.10, 3.80, and 4.58 yuan per share respectively, with a projected PE ratio of 20-25 times for 2024, leading to a fair value range of 62.08-77.60 yuan [6][9] Product and Market Performance - The company’s special A+ product revenue grew by 25.1% in 2023, driven by strong sales of K series and V series products [6] - The revenue from the provincial market increased by 26.9% in 2023, while the revenue from outside the province saw a remarkable growth of 40.2% [6][9] - The company plans to further penetrate the provincial market and expand its presence in external markets in 2024 [6] Cost and Profitability - The company’s gross profit margin for Q1 2024 was 32.8%, slightly down by 0.19 percentage points year-on-year, indicating stable profitability [6][9] - The sales expense ratio increased to 20.8% in 2023, reflecting the company's investment in consumer cultivation [6][9]