Investment Rating - The report maintains a "Buy" rating for the company, which is a leader in the domestic sports footwear and apparel market targeting lower-tier markets [4]. Core Views - The company slightly exceeded expectations for 2023, with a full-year dividend payout ratio of 40%. The revenue for 2023 reached 8.42 billion RMB, representing a year-on-year growth of 21%, while the net profit was 960 million RMB, up 28.7% year-on-year [3][4]. - The company is expected to maintain high growth in 2024, driven by strong performance in the first three quarters of the year and a favorable market positioning [3][4]. Financial Summary - Revenue for 2023 was 8.42 billion RMB, with a gross profit of 3.46 billion RMB and a net profit of 960 million RMB. The gross margin was 41.1%, an increase of 0.6 percentage points year-on-year [2][3]. - The company forecasts net profits of 1.13 billion RMB, 1.32 billion RMB, and 1.52 billion RMB for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 7.5, 6.5, and 5.6 [3][4]. Market Performance - The company’s stock price is currently at 4.49 HKD, with a market capitalization of 9.284 billion HKD. The stock has traded within a range of 3.23 to 5.15 HKD over the past 52 weeks [4].
2023年业绩点评：2023年业绩略超预期，2024年有望维持高增