2023年年报及2024年一季报点评：黄金产品拉动收入与毛利额增长，分红金额同比上行

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company's revenue and gross profit have seen significant growth driven by high demand for gold products, with a revenue increase of 46.52% year-on-year in 2023, reaching 16.29 billion yuan [2] - The company is expected to continue its growth trajectory, with projected revenues for 2024-2026 of 19.83 billion, 22.61 billion, and 25.38 billion yuan, representing year-on-year growth rates of 21.7%, 14.1%, and 12.3% respectively [2][3] - The company plans to increase its store count by 400-600 in 2024, enhancing its market presence [2] Financial Performance Summary - In 2023, the company achieved a net profit of 1.316 billion yuan, a year-on-year increase of 20.67% [2] - For Q1 2024, the company reported a revenue of 5.07 billion yuan, a year-on-year increase of 23.01%, but a decline in net profit by 6.61% to 341 million yuan [2] - The gross margin for 2023 was 18.14%, down 2.64 percentage points year-on-year, while the net margin was 8.06%, down 1.72 percentage points [2] Product and Channel Analysis - The revenue from gold jewelry reached 13.72 billion yuan in 2023, up 62.01% year-on-year, while the revenue from embedded jewelry decreased by 29.40% to 918 million yuan [2] - The company’s franchise business generated 11.972 billion yuan in revenue, a 44.31% increase year-on-year, while online sales grew by 62.25% to 2.508 billion yuan [2] - The company has been expanding its store network, adding 490 stores in 2023, with a total of 5,129 stores by the end of Q1 2024 [2] Strategic Initiatives - The company is focusing on enhancing its brand matrix and product positioning, including the introduction of themed stores to elevate brand influence [2] - A unique brand IP advantage, supply chain integration, and a comprehensive brand marketing strategy are driving the company's growth [2] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares for 2023, with a cash dividend payout ratio of 53.61% [2]