短期承压，改革成效有待兑现

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company reported a revenue of 9.407 billion yuan in 2023, a year-on-year increase of 19.66%, and a net profit attributable to shareholders of 1.746 billion yuan, up 26.01% year-on-year [1] - The company is undergoing reforms aimed at enhancing brand strength and market share, with expected gradual realization of reform benefits [2] - The company faces short-term pressure due to high base effects and weak consumer demand, particularly in Q4 2023, where revenue declined by 4.53% year-on-year [1] Financial Performance Summary - Revenue for 2023 was 9,407 million yuan, with a growth rate of 19.7% year-on-year [6] - Net profit attributable to shareholders for 2023 was 1,746 million yuan, reflecting a growth rate of 26.0% year-on-year [6] - The company expects net profit to reach 1,925 million yuan in 2024, representing a year-on-year growth of 10.2% [2][6] Segment Performance Summary - In Q4 2023, the main brand revenue was 8.9 million yuan, down 9.7% year-on-year, while the probiotic category showed strong growth [1] - Domestic revenue for H2 2023 was 31.7 billion yuan, up 4.0% year-on-year, while overseas revenue was 6.4 billion yuan, up 8.1% year-on-year [1] Cost and Expense Summary - The gross margin in Q4 2023 decreased by 1.3 percentage points to 65.2% [1] - Selling and management expense ratios increased, leading to a rise in short-term losses [1]