Q4毛利率同比高增，业绩符合预期

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Insights - The company has shown a significant increase in gross margin, with a 2023 gross margin of approximately 29.63%, up by 0.57 percentage points year-on-year, and a Q4 gross margin of about 30.43%, up by 2.13 percentage points year-on-year [3][5]. - The company has demonstrated stable expenses, with sales, management, and financial expense ratios for 2023 at 22.8%, 1.5%, and 0.6%, respectively [3]. - The company is recognized as a leading convenience store operator in China with growth potential in store openings, daily sales, and gross margin [3]. - The company achieved a revenue of 101.33 billion yuan in 2023, a year-on-year increase of 1.12%, and a net profit of 5.61 billion yuan, up by 15.53% year-on-year [7]. - The investment income from Xinwang Bank was stable, with a total investment income of 1.47 billion yuan for the year, compared to 0.97 billion yuan in the previous year [6]. Financial Summary - The company opened 144 new stores and closed 66, ending the year with a total of 3,639 stores, indicating a net increase in store count [5]. - The projected revenues for 2024-2026 are 105.38 billion yuan, 109.59 billion yuan, and 113.98 billion yuan, respectively, with corresponding net profits of 5.88 billion yuan, 5.97 billion yuan, and 6.32 billion yuan [3][21]. - The earnings per share (EPS) are expected to be 0.43 yuan, 0.44 yuan, and 0.46 yuan for the years 2024, 2025, and 2026, respectively [3][21]. - The current price-to-earnings (P/E) ratios are projected to be 11.4x, 11.2x, and 10.6x for the years 2024, 2025, and 2026, respectively [3][21].