Investment Rating - The report maintains an "Outperform" rating for the company, indicating expected performance that is better than the market by 5% to 20% [34]. Core Insights - The company achieved a revenue of 538 million yuan in 2023, representing a year-on-year growth of 10.29%, and a net profit attributable to shareholders of 46.53 million yuan, which is a 19.15% increase compared to the previous year [34]. - The company is focusing on expanding market channels, deepening cooperation, and diversifying product categories, particularly in the fast-growing overseas cosmetics and creative products sectors [8][12]. - The company has received the "World Star" packaging award for its design works, which enhances its brand recognition and market position [3][35]. Financial Summary - The company's projected net profit for 2023 is 47 million yuan, with estimates of 59 million yuan for 2024 and 77 million yuan for 2025, corresponding to EPS of 0.72, 0.92, and 1.19 yuan per share respectively [34]. - The gross profit margin is expected to improve from 34.7% in 2023 to 36.9% by 2025, indicating enhanced profitability [13]. - The company's total assets are projected to reach 769 million yuan by 2025, with a significant increase in retained earnings from 222 million yuan in 2023 to 321 million yuan in 2025 [6][13].
北交所信息更新：境外化妆品及创意精品增长快，2023年归母净利润增长19%