Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 5.522 billion yuan in 2023, representing a year-on-year increase of 10.14%, while the net profit attributable to shareholders decreased by 28.02% to 757 million yuan [2]. - In Q1 2024, the company reported a revenue of 1.097 billion yuan, a year-on-year increase of 27.06%, and a net profit of 177 million yuan, up 11.74% year-on-year [2]. - The company is focusing on developing products for sensitive skin and has successfully expanded its multi-brand strategy, which includes the acquisition of brands like "Jirui" and "Bomei" [2]. Financial Performance - The company's gross margin for 2023 was 73.90%, slightly down by 1.31 percentage points year-on-year, while the net profit margin was 13.75%, down by 7.20 percentage points [2]. - The sales expenses increased due to higher brand promotion and e-commerce channel investments, leading to a sales expense ratio of 47.26% in 2023 [2]. - The company forecasts revenues of 7.105 billion, 8.816 billion, and 10.865 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.120 billion, 1.415 billion, and 1.765 billion yuan [3][7]. Product and Market Strategy - The company is committed to expanding its product lines for sensitive skin, with brands like "Winona" achieving significant market presence [2]. - The acquisition of "Jirui" and "Bomei" brands is expected to enhance the company's offerings in the mass skincare and cosmetics segments [2]. - The company is also focusing on high-end anti-aging products and personalized acne treatment solutions through AI technology [2]. Shareholder Returns - The profit distribution plan for 2023 includes a cash dividend of 6.00 yuan per 10 shares, totaling approximately 252 million yuan, representing a cash dividend ratio of 33.3% [2].
2023年年报及2024年一季报点评：24Q1收入与利润实现双位数增长，期待经营持续向好