Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company's performance met expectations with nearly doubled growth, projecting 2025 revenue between 2.40 billion to 2.45 billion RMB, a year-on-year increase of 98.3% to 102.5% [7] - The company focuses on high-end skincare using red camellia as a core ingredient, establishing itself as a benchmark in the oil-based skincare segment and continuously expanding its product line [7] - The company has a robust multi-channel strategy, enhancing its product matrix and user base, with significant growth in both offline and online channels [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 805 million RMB - 2024: 1,210 million RMB - 2025E: 2,420 million RMB - 2026E: 3,199 million RMB - 2027E: 4,544 million RMB - Year-on-year growth rates for revenue are projected at 16% for 2023, 50% for 2024, 100% for 2025, 32% for 2026, and 42% for 2027 [6][8] - Net profit forecasts are as follows: - 2023: 84 million RMB - 2024: 187 million RMB - 2025E: 359 million RMB - 2026E: 579 million RMB - 2027E: 834 million RMB - Year-on-year growth rates for net profit are projected at 1540% for 2023, 121% for 2024, 92% for 2025, 61% for 2026, and 44% for 2027 [6][8]
林清轩（02657）：业绩符合预期，以油养肤赛道标杆看好新品迭代