富安娜（002327）：延续高分红，期待公司经营拐点

Investment Rating - The report maintains a "Buy" rating for the company with a DCF target valuation of 11.48 CNY per share [2][6]. Core Views - The company continues its high dividend policy, with a projected dividend payout ratio of 95.8% for the year 2024, despite a decline in revenue and net profit [5]. - The company is expected to experience a turning point in operations, supported by its strong brand recognition and adjustments in online and offline channels [5]. Financial Performance Summary - Revenue: The company reported a revenue of 3,030 million CNY in 2023, with a slight decline of 1.6% year-on-year. The forecast for 2024 is 3,011 million CNY, a further decrease of 0.6%, followed by a projected recovery in 2025 with 2,991 million CNY [2][5]. - Net Profit: The net profit attributable to the parent company for 2023 was 572 million CNY, down 7.0% year-on-year. The forecast for 2024 is 542 million CNY, a decrease of 5.2%, with a slight recovery expected in subsequent years [2][5]. - Earnings Per Share (EPS): The EPS is projected to be 0.68 CNY for 2023, decreasing to 0.65 CNY in 2024, and further to 0.64 CNY in 2025, with a gradual increase to 0.76 CNY by 2027 [2][5]. - Gross Margin: The gross margin is expected to improve slightly from 55.6% in 2023 to 56.4% by 2027, indicating a focus on maintaining profitability despite revenue challenges [2][5]. - Net Margin: The net margin is projected to decrease from 18.9% in 2023 to 18.0% in 2024, with a gradual recovery to 18.6% by 2027 [2][5]. Channel Performance Summary - Online Channel: Revenue from online sales is expected to decline by 7.4% in 2024, but the gross margin is projected to improve by 2.3 percentage points to 50.3% [5]. - Direct Sales Channel: The direct sales channel is forecasted to grow by 1.8% in 2024, with a gross margin of 67.9% [5]. - Franchise Channel: Revenue from franchise operations is expected to increase by 1.4% in 2024, with a slight decline in gross margin [5]. - Group Purchase Channel: Revenue from group purchases is projected to grow by 5.1% in 2024, although the gross margin is expected to decrease [5].