editor 
The company released its annual report of 2023 and realized revenue of 201 in 23 years.Raroulette.1.4 billion yuan, down 2.2% from the same period last year, realized net profit of 3.2 billion yuan, down 0.9% from the same period last year, and deducted 3.181 billion yuan from non-home net profit, an increase of 0.5% over the same period last year.RarouletteThe EPS was 2.74 yuan, of which 23Q4 income was 5.81 billion yuan, an increase of 11.7%, a net profit of 910 million yuan, an increase of 16.7%, and a non-return net profit of 930 million yuan, an increase of 21.9%. It is proposed to pay out 12 yuan for every 10 shares. The company's performance is in line with expectations. Event comments downstream brand de-storehouse basically ended driving the 23Q4 order price to rise, customer structure change + exchange rate led to 23-year average price double-digit increase. Since the second half of the year, sports brands have entered the de-storage cycle, with the brand inventory structure tends to be normal, the company's 23Q4 order demand has greatly improved, driving the income to become regular. In terms of weight price, the company's footwear sales in 23 years was 190 million pairs,-13.6% compared with the same period last year, and the average price was 106yuan, + 13.4% compared with the same period last year. The decline in footwear sales is mainly affected by the removal of brands from the treasury, and the increase in average price is mainly affected by the exchange rate of US dollars and changes in customer structure. 23Q4's footwear sales volume of 54 million pairs, year-on-year + 5.9%, average price 107yuan, year-on-year + 6.8% focus 23Q4 increase in volume and price, product structure optimization drives average price increase, and order demand improvement leads to volume increase. Customer TOP1-2 is relatively robust, and new customers are expanding beautifully. From the perspective of customer structure, the contribution income of the company's customers TOP1-5 is 7.6 billion yuan / 4.1 billion yuan / 2.4 billion yuan / 1.4 billion yuan / 1.1 billion yuan respectively, and the corresponding growth rate is-4%, 3%, 31%, 37%, 37%, 10%, 10%, respectively.RarouletteHis head customers fell sharply under the influence of inventory and so on. In addition to the head customers, other customers achieved income of 3.5 billion yuan, an increase of 97%, an increase of 9PCT to 18%. New customers such as Reebok, Avon, Arthur, NB and other new customers expanded well and achieved rapid growth. The gross profit margin dropped slightly and the net profit margin was relatively stable. The company's 23-year gross profit margin / sales expense rate / management expense rate / R & D expense rate is 25.6%, 0.4%, 3.4%, 1.5%, respectively, compared with 22 years-0.3PCT/-0.0PCT/-0.3PCT/+0.1PCT. The slight decline in the company's gross profit margin is mainly related to the change of customer structure, and the optimization of management expense rate is mainly due to scale effect. To sum up, the 23-year return net interest rate of the company is 15.9%, which is higher than that of 22 years by 0.2PCT, and its profitability is stable. Profit forecast and investment adviceRarouletteWe added our profit forecast for 2026 and estimated that the net profit of the company from 24 to 26 years will be 3.733 billion yuan / 4.378 billion yuan / 5.082 billion yuan respectively, corresponding to 20 times / 17 times / 14 times of PE, maintaining the buying rating. Risk tips: sports brand terminal boom is not as expected; the company's customer growth is not as expected, and so on. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.