By-health(SZ:300146)2024-03-20 16:00Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [8]. Core Views - The company achieved a revenue of 9.407 billion yuan in 2023, representing a year-on-year growth of 19.66%. The net profit attributable to shareholders was 1.746 billion yuan, up 26.01% year-on-year [8]. - The company plans to increase its marketing expenses, which may impact short-term profitability, but is expected to enhance long-term growth prospects [8]. - The company has completed adjustments to its sales and organizational structure, focusing on a multi-brand strategy and targeting high-potential niche markets [8]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 9.407 billion yuan, with a year-on-year growth rate of 19.66%. The net profit attributable to shareholders was 1.746 billion yuan, reflecting a 26.01% increase year-on-year [8][12]. - The fourth quarter of 2023 saw a revenue of 1.625 billion yuan, a decrease of 4.53% compared to the same period in 2022, with a net loss of 155 million yuan [8]. Revenue Breakdown - Domestic business revenue from offline channels accounted for 58.1% of total revenue, growing by 12.39% year-on-year, while online channel revenue increased by 27.53% [8]. - The main brand "汤臣倍健" generated revenue of 5.4 billion yuan, up 21.48% year-on-year, while the major product "健力多" saw a revenue decline of 2.52% to 1.179 billion yuan [8]. Future Projections - The company forecasts net profits of 1.99 billion yuan, 2.25 billion yuan, and 2.50 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.7%, 13.2%, and 11.4% [8]. - The company aims for revenue growth in 2024 to return to positive figures, supported by new product registrations and a focus on digital marketing strategies [11]. Strategic Initiatives - The company has launched a "Quality Return Double Improvement" action plan, focusing on core business and enhancing shareholder returns through share buybacks and profit distribution [11]. - A new digital marketing center has been established to strengthen online sales and improve customer engagement through digital platforms [11].