产品渠道协同成长，高分红重视股东回报

Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company achieved a revenue of 2.144 billion yuan in 2023, representing a year-on-year growth of 33.0%, and a net profit attributable to shareholders of 238 million yuan, up 27.21% year-on-year [2][3] - The company plans to distribute a cash dividend of 5.5 yuan per 10 shares (tax included), totaling approximately 236 million yuan, corresponding to a dividend yield of about 3.4% based on the current market capitalization [3] - The company has been focusing on mid-to-high-end products and refined channel management, leading to a competitive market share in the Sichuan-Chongqing region and rapid development through online channels [3] Financial Performance Summary - In 2023, the company reported a gross margin of 50.32%, an increase of 5.21 percentage points year-on-year [2] - The company’s operating cash flow was 3.314 billion yuan, a year-on-year increase of 41.88%, while investment cash flow was -136 million yuan, down 84.50% year-on-year [3] - The company’s net profit margin for 2023 was 11.1%, a decrease of 0.5 percentage points year-on-year [2][3] Revenue and Profit Forecast - The company is expected to achieve net profits of 291 million yuan, 353 million yuan, and 429 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.3%, 21.0%, and 21.6% [3] - The projected price-to-earnings ratio (P/E) for 2024 is 20 times [3] Market Position and Strategy - The company’s product structure optimization has significantly improved its gross margin, with the health product series accounting for 26.17% of the sanitary napkin revenue [2] - The company is expanding its market presence in peripheral provinces, focusing on Guangdong, Hunan, and Hebei, and leveraging live e-commerce channels for marketing [2]