Healthcare (603313) 民生证券·2024-05-01 06:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 8.39 CNY [11]. Core Insights - The company has shown significant growth in cross-border e-commerce and its own brand, leading to a recovery in profitability. The projected net profit for 2024-2026 is expected to be 394 million, 589 million, and 789 million CNY respectively, with growth rates of 269.2%, 49.7%, and 33.9% [10][11]. - The company achieved a total revenue of 7,976 million CNY in 2023, with a slight decline of 0.5% year-on-year, but is projected to grow by 18.7% in 2024 [2][10]. - The gross margin for the company improved to 38.4% in 2023 and 38.5% in Q1 2024, reflecting a year-on-year increase of 7.3 and 2.5 percentage points respectively [10]. Financial Performance Summary - Revenue and Profitability: In 2023, the company reported a revenue of 7,976 million CNY and a net profit attributable to shareholders of 107 million CNY, marking a 157.7% increase year-on-year. The projected revenues for 2024, 2025, and 2026 are 9,464 million, 11,187 million, and 13,092 million CNY respectively [2][10]. - Earnings Per Share (EPS): The EPS for 2023 was 0.19 CNY, with projections of 0.69 CNY for 2024, 1.03 CNY for 2025, and 1.38 CNY for 2026 [2][10]. - Valuation Metrics: The price-to-earnings (PE) ratio is projected to decrease from 45 in 2023 to 12 in 2024, 8 in 2025, and 6 in 2026, indicating a more attractive valuation over the forecast period [2][10]. Business Strategy and Market Outlook - The company is focusing on expanding its domestic and international sales, enhancing its own brand, and leveraging its DTC experience and supply chain advantages to drive growth in cross-border e-commerce [10]. - The report highlights the successful integration of online and offline sales channels, with significant revenue growth from direct sales, distribution, and online platforms [10].