2023A&2024Q1业绩点评：步入上行通道，经营表现超预期

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 9.24 CNY for 2024 [5][7]. Core Insights - The company has entered an upward trajectory with operational performance exceeding expectations, driven by brand upgrades and channel adjustments [5][6]. - Revenue for 2023 reached 6.233 billion CNY, a year-on-year increase of 7.12%, while net profit attributable to shareholders was 447 million CNY, up 212.50% year-on-year [5][6]. - The company is expected to continue outperforming the industry, with projected revenues of 7.125 billion CNY and 7.779 billion CNY for 2024 and 2025, respectively [5][6]. Financial Data and Valuation - Revenue (CNY million): 2022: 5819, 2023: 6233, 2024E: 7125, 2025E: 7779, 2026E: 8505 [3]. - Growth Rate (%): 2022: 4.13%, 2023: 7.12%, 2024E: 14.32%, 2025E: 9.17%, 2026E: 9.34% [3]. - EBITDA (CNY million): 2022: 282, 2023: 617, 2024E: 1081, 2025E: 1175, 2026E: 1264 [3]. - Net Profit (CNY million): 2022: 143, 2023: 447, 2024E: 654, 2025E: 742, 2026E: 843 [3]. - EPS (CNY/share): 2022: 0.17, 2023: 0.53, 2024E: 0.77, 2025E: 0.87, 2026E: 0.99 [3]. - P/E Ratio: 2022: 41.5, 2023: 13.3, 2024E: 9.1, 2025E: 8.0, 2026E: 7.0 [3]. - P/B Ratio: 2022: 1.8, 2023: 1.6, 2024E: 1.5, 2025E: 1.3, 2026E: 1.2 [3]. - EV/EBITDA: 2022: 11.5, 2023: 4.9, 2024E: 3.2, 2025E: 2.3, 2026E: 1.4 [3]. Performance Highlights - The company's net profit margin improved by 4.7 percentage points to 7.2% in 2023, primarily due to a 2.7 percentage point increase in gross margin and a 52% reduction in credit impairment losses [6]. - The company plans to distribute dividends of 249 million CNY for 2023, with a payout ratio of 55.76% [5].