抖音天猫齐发力，恋火持续高增长

Investment Rating - The report maintains a Buy rating for the company, with an expected PE ratio of 30x for 2024, 23x for 2025, and 19x for 2026 [27] Core Views - The company achieved a revenue of RMB 2,226 million in 2023, a YoY increase of 28.52%, and a net profit attributable to the parent company of RMB 259 million, a YoY increase of 48.93% [26] - The company's online channel revenue in 2023 reached RMB 1,871 million, a YoY increase of 50.40%, accounting for 84.1% of total revenue, with significant growth in Tmall and Douyin [19] - The gross profit margin improved to 70.69% in 2023, driven by the increase in online channel contribution and the focus on key products [20] Financial Performance - Revenue is projected to grow from RMB 2,226 million in 2023 to RMB 4,424 million in 2026, with a CAGR of 25.46% [1] - EBITDA is expected to increase from RMB 215 million in 2023 to RMB 644 million in 2026, reflecting strong operational efficiency [1] - EPS is forecasted to rise from RMB 0.65 in 2023 to RMB 1.50 in 2026, indicating robust earnings growth [1] Brand and Product Performance - The Marubi brand achieved revenue of RMB 1,560 million in 2023, a YoY increase of 11.63%, with key products like the "Little Red Pen" eye cream and "Double Collagen" serum exceeding RMB 200 million in GMV [19] - The Lianhuo brand saw a revenue surge of 125.14% YoY to RMB 643 million in 2023, driven by strong sales of its foundation products [19] Channel Performance - Online channels, particularly Tmall and Douyin, showed strong growth, with Tmall revenue increasing by 35.62% and Douyin revenue surging by 106.29% in 2023 [19] - Offline channel revenue declined by 27.17% in 2023 due to reduced foot traffic in department stores [19] Profitability and Efficiency - The gross profit margin improved to 70.69% in 2023, up by 2.30 percentage points YoY, driven by higher online channel contribution and product mix optimization [20] - The net profit margin increased by 1.6 percentage points to 11.66% in 2023, reflecting improved cost control and operational efficiency [20] Valuation Metrics - The PE ratio is expected to decline from 43.73x in 2023 to 18.81x in 2026, indicating improving valuation attractiveness [1] - The PB ratio is projected to decrease from 3.39x in 2023 to 2.35x in 2026, reflecting enhanced shareholder value [1]