业绩略超预告上限，预计24年大健康全面发力

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 4.58 billion yuan for 2023, a year-on-year decline of 64.65%, primarily due to the divestment of its real estate business. However, the net profit attributable to shareholders was 300 million yuan, a significant increase of 567.4% year-on-year [2][26] - The company is expected to fully leverage its health and wellness initiatives in 2024, with projected net profits for 2024-2026 being 390 million, 510 million, and 610 million yuan respectively [7][8] - The company has increased its R&D investment to 166 million yuan in 2023, a growth of 10.11% year-on-year, and has established several new research centers and labs [3][7] Financial Summary - The company achieved a gross margin of 46.5% in 2023, an increase of 21.8 percentage points year-on-year, and a net margin of 8%, up by 7.5 percentage points [22][28] - The cosmetics segment generated revenue of 2.42 billion yuan in 2023, with a year-on-year growth of 22.7%. The pharmaceutical segment saw a revenue of 520 million yuan, a slight increase of 1.61% [8][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [2]