业绩符合预期，营销持续向好

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][19]. Core Views - The company is expected to continue its positive momentum in 2023, with projected revenues of approximately 1.2 billion yuan, representing a year-on-year growth of about 22.46%. The net profit attributable to shareholders is anticipated to be around 85 million yuan, reflecting a year-on-year increase of approximately 12.93% [2][3]. - Revenue forecasts for 2023-2025 are estimated at 1.2 billion, 1.46 billion, and 1.73 billion yuan, with corresponding growth rates of 22.4%, 21.4%, and 19.0%. Net profit forecasts for the same period are 90 million, 140 million, and 200 million yuan, with growth rates of 13.3%, 61.8%, and 48.0% respectively [3]. Financial Data Summary - Total revenue for 2023 is projected at 1.2 billion yuan, with a gross profit margin of 61.1% [5][16]. - The company’s total assets are estimated at approximately 3.3 billion yuan, with a total market capitalization of about 5.26 billion yuan [5][16]. - The earnings per share (EPS) for 2023 is expected to be 0.18 yuan, with a net profit margin of 7.1% [5][16]. - The company’s return on equity (ROE) is projected to increase from 2.7% in 2022 to 3.0% in 2023 [5][16].