23年年报点评：战略调整初见成效，建议关注化妆品推新升级情况

Investment Rating - The report suggests a focus on the company, with a projected PE of 31 times for 2024 based on the closing price on March 21, 2024 [2]. Core Insights - The company reported a revenue of 4.579 billion yuan for 2023, a year-on-year decrease of 64.65%, while the net profit attributable to the parent company was 303 million yuan, an increase of 567.44% year-on-year [18]. - The cosmetics segment achieved a revenue of 2.416 billion yuan, growing by 22.71% year-on-year, with a gross margin of 62.13% [18]. - The report highlights the strategic shift towards the cosmetics sector, with the launch of the new medical beauty brand "KeyC" and an upgrade in product strategy from "4+N" to "5+N" [18][28]. Financial Summary - The company's total revenue for 2022 was 12.951 billion yuan, with a year-on-year growth of 4.8%. However, the revenue for 2023 is projected to decline by 64.6% [4]. - The net profit attributable to the parent company for 2024 is expected to be 317 million yuan, with a growth rate of 4.4% [4]. - The gross margin is expected to improve from 46.5% in 2023 to 54.0% in 2024, indicating a positive trend in profitability [4]. Business Segment Performance - The cosmetics segment's revenue growth is attributed to the optimization of product structure and the introduction of high-margin products [18]. - The pharmaceutical segment reported a revenue of 520 million yuan, with a slight increase of 1.61% year-on-year [18]. - The real estate and property management segment saw a significant decline in revenue, down 88.29% year-on-year, as the real estate business was fully divested by the end of October 2023 [18].