海外业务等拖累收入增长承压，组织调整有望释放活力

Investment Rating - The investment rating for the company is "Buy" [21] Core Insights - The company reported a revenue of 6.6 billion yuan in 2023, a year-on-year decrease of 7.2%, while the net profit attributable to shareholders was 500 million yuan, an increase of 5.9% year-on-year. The company plans to distribute a cash dividend of 2.30 yuan per 10 shares [8][21] - The skincare segment showed resilience with a revenue of 1.99 billion yuan, a year-on-year increase of 1%, while the personal care and household cleaning segment saw a revenue decline of 4.9% to 2.54 billion yuan. The baby and maternal segment experienced a 13.4% decline in revenue to 1.86 billion yuan [21][22] - The company has adjusted its organizational structure to enhance operational efficiency, establishing three major divisions: personal care and household cleaning, beauty and maternal, and overseas operations [21][22] Financial Summary - The company’s total assets are projected to reach 117.3 billion yuan in 2023, with a debt-to-asset ratio of 34.4% [5][20] - The projected net profit for 2024, 2025, and 2026 is 590 million yuan, 690 million yuan, and 800 million yuan respectively, with corresponding P/E ratios of 22, 18, and 16 [11][21] - The gross margin for 2023 was 59.0%, with a net profit margin of 7.8%, reflecting improvements in product mix and cost management [22]