倍轻松：营收较快增长，季度实现扭亏

Investment Rating - The report maintains a "Buy" rating for the company [36][15]. Core Insights - The company achieved a revenue of 1.275 billion yuan in 2023, representing a year-on-year growth of 42.30%. The compound annual growth rate over two years is 3.52% [27][24]. - The revenue from new products accounted for 58.9% of total revenue in 2023, with significant contributions from various product categories, particularly the shoulder and neck massager [3][27]. - The company has seen a strong performance in both online and offline sales channels, with online sales increasing by 46.70% and offline sales by 41.15% year-on-year [3][27]. - The gross profit margin improved to 59.32% in 2023, up by 9.50 percentage points, driven by new product sales and cost optimization [37][27]. Summary by Sections Revenue Performance - In 2023, the company reported a revenue of 1.275 billion yuan, a 42.30% increase from the previous year. The first quarter of 2024 saw a revenue of 293 million yuan, up 28.59% year-on-year [27][3]. Product and Sales Channel Analysis - Revenue from eye, neck, scalp, shoulder, and back products showed varied performance, with shoulder products experiencing a remarkable growth of 438.85% [3]. - Online direct sales grew by 67.50%, while offline direct sales increased by 31.95% [3][27]. Profitability and Margin Improvement - The company reduced its net loss to 51 million yuan in 2023, improving its net profit margin to -3.99%, an increase of 18.04 percentage points year-on-year [37][27]. - The gross profit margin for Q1 2024 reached 62.78%, indicating continued improvement in profitability [37][27].