aiyingshi(603214) 开源证券·2024-04-02 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The leading mother and baby retail company faced revenue pressure in 2023 but showed a good recovery in profits. The company reported a revenue of 3.332 billion yuan in 2023, down 8.0% year-on-year, while the net profit attributable to the parent company was 105 million yuan, an increase of 21.8% [3][4] - The company plans to return to net store openings in 2024, focusing on a strategy of "channel + brand + multi-industry" to strengthen its core competitiveness in the long term. The current stock price corresponds to a PE ratio of 15.9/14.3/12.9 for 2024-2026 [3][5] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 3.332 billion yuan, with a net profit of 105 million yuan. The fourth quarter of 2023 saw a revenue of 911 million yuan and a net profit of 57.79 million yuan [3][4] - The revenue from physical stores was 2.432 billion yuan, down 5.9%, while e-commerce revenue was 617 million yuan, down 14.3%. However, self-operated third-party platform business grew by 77%, with Douyin platform sales increasing by 290% [4] - The gross profit margin was 28.38%, with a decrease of 0.16 percentage points. The expense ratios for sales, management, and finance were 20.81%, 3.35%, and 1.01%, respectively, showing improvements in operational efficiency [4] Strategic Initiatives - The company is committed to a "channel + brand + multi-industry" strategy, with plans to achieve double-digit net store openings in 2024. The gross margin for the Beibei Bear brand improved by 4-5 percentage points post-acquisition, and the total number of stores at year-end was 469 [5] - The company aims to enhance its self-owned brand strategy through innovation and brand marketing, while also expanding into more mother and baby industry sectors [5] Financial Projections - The projected net profit for 2024-2026 is 116 million yuan, 130 million yuan, and 143 million yuan, respectively, with corresponding EPS of 0.83, 0.92, and 1.02 yuan. The PE ratios are expected to decrease from 15.9 in 2024 to 12.9 in 2026 [3][7]