Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.32 yuan per share [6][20] Core Views - The company achieved revenue of 8.753 billion yuan in 2023, a year-on-year increase of 2.73%, and net profit attributable to the parent company of 105 million yuan, a year-on-year decrease of 13.92% [6] - In Q1 2024, the company achieved revenue of 2.194 billion yuan, a year-on-year increase of 4.64%, and net profit attributable to the parent company of 12 million yuan, a year-on-year increase of 53.55% [6] - The company's profitability is gradually improving, with gross profit margin and net profit margin in Q1 2024 increasing by 3.08pp and 0.41pp year-on-year, respectively [6][9] - The company completed the acquisition of Leyou International, increasing the total number of stores to over 1,000, covering 21 provinces and more than 200 cities [6][10] - The company's omnichannel operations have been upgraded, with the transformation of three children's life centers resulting in an average increase in single-store transaction volume of over 20% and an average increase in customer visits of nearly 30% [6][11] - The company's proprietary brand transaction volume achieved a year-on-year growth of 74.37% in 2023, showing strong growth momentum [6][11] Financial Projections - The company's revenue is projected to be 10.003 billion yuan, 11.004 billion yuan, and 11.603 billion yuan for 2024, 2025, and 2026, respectively [5][6] - Net profit attributable to the parent company is projected to be 285 million yuan, 325 million yuan, and 366 million yuan for 2024, 2025, and 2026, respectively [5][6] - EPS is projected to be 0.26 yuan, 0.29 yuan, and 0.33 yuan for 2024, 2025, and 2026, respectively [5][6] - The PE ratio is projected to be 24.6x, 21.6x, and 19.1x for 2024, 2025, and 2026, respectively [5][6] Operational Highlights - The company's differentiated supply chain (including proprietary brands) achieved sales revenue of 819 million yuan in 2023, accounting for 10.82% of maternal and child product sales revenue [6][11] - The company launched KidsGPT, an intelligent parenting consultant, which has been widely used in multiple scenarios such as the Kidswant APP, mini-programs, and communities, receiving positive feedback from users [6][11] - The company upgraded its same-city digital home delivery service, successfully launching a series of time-sensitive products such as 30-minute delivery within 3km, 1-hour delivery within 5km, city-wide delivery, and SF Express half-day delivery [6][11]
孩子王：2023年报暨2024一季报点评：全渠道运营升级，推进数智化转型