Investment Rating - The investment rating for the company is "Buy" [1][4] Core Views - The company's 2023 performance met expectations, with revenue and net profit increasing by 10.9% and 11.8% year-on-year, respectively [1][3] - The main brand, Xtep, showed robust growth, particularly in the running market, and the professional sports segment performed exceptionally well [3][4] - The company aims for a revenue growth rate of no less than 10% in 2024, with profit growth expected to outpace revenue growth [4] Financial Performance - In 2023, the company achieved a total revenue of 14.346 billion RMB and a net profit of 1.030 billion RMB, with an EPS of 0.41 RMB [1][5] - The gross profit margin improved by 1.3 percentage points to 42.2%, while the operating profit margin slightly decreased by 0.3 percentage points to 11.0% [1][2] - The company reported a significant increase in operating cash flow, reaching 1.255 billion RMB, up 119.5% year-on-year [2][5] Brand Performance - The main brand, Xtep, saw over 20% growth in retail sales, with a strong performance in the running category [1][3] - The professional sports segment, particularly the brand Saucony, became the first small brand to achieve profitability, contributing approximately 10 million RMB in profit [2][3] - The company is expanding its multi-brand strategy, with Saucony and other small brands enhancing their product lines and market presence [3][4] Future Projections - The company has adjusted its profit forecasts for 2024 and 2025, lowering the expected net profit by 9% and 16%, respectively [4][5] - The projected EPS for 2024, 2025, and 2026 is 0.44 RMB, 0.50 RMB, and 0.56 RMB, respectively, with corresponding P/E ratios of 9 and 8 [5][8]
2023年业绩点评：23年业绩符合预期、索康尼如期盈利，期待多品牌继续发力