23年业绩表现偏弱，24年Q1边际改善

Investment Rating - The report has downgraded the investment rating of the company to "Recommended" due to short-term performance pressure during the adjustment period [3][6][8]. Core Views - The company's performance in 2023 was weak, with a revenue of 5.52 billion yuan, a year-on-year increase of 10.1%, and a net profit of 760 million yuan, a year-on-year decrease of 28% [2][3]. - In Q1 2024, the company showed signs of marginal improvement, achieving a revenue of 1.097 billion yuan, a year-on-year increase of 27.1%, and a net profit of 180 million yuan, a year-on-year increase of 11.7% [2][3]. - The main brand, Winona, achieved a revenue of 5.192 billion yuan in 2023, a year-on-year increase of 9%, while the sub-brand Winona Baby saw a significant growth of 47.5% [2][3]. - The online sales channel faced challenges, with revenue growth stagnating and a decline in market share, while offline channels, particularly OTC pharmacies, experienced robust growth [2][3]. - The company's gross margin decreased by 1.31 percentage points to 73.9% in 2023, primarily due to product formulation and packaging upgrades, alongside increased marketing expenses [2][3]. Financial Performance Summary - The company reported a total revenue of 5.52 billion yuan in 2023, with a net profit of 760 million yuan, reflecting a decline in profitability [2][3]. - The forecast for net profit from 2024 to 2026 is 1.055 billion yuan, 1.265 billion yuan, and 1.488 billion yuan, respectively, with corresponding EPS of 2.49, 2.99, and 3.51 yuan [3][8]. - The PE ratios for 2024 to 2026 are projected to be 23, 19, and 16 times, respectively, indicating a recovery in the beauty and personal care industry [3][8]. Brand and Market Strategy - The company is focusing on enhancing its competitive advantage through R&D and expanding its brand matrix via acquisitions, including the purchase of Yuejiang Group [3][8]. - The establishment of a Southeast Asia business headquarters in Bangkok aims to support the company's international expansion efforts [3][8]. - The company is committed to deepening its presence in the beauty and health sector, laying a foundation for long-term growth [3][8].