Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential in the market [1]. Core Views - The report highlights the impressive performance of the company's brand, Han Shu, which has shown significant growth, particularly through the Douyin channel, contributing to multi-channel revenue growth [1][2]. - The company achieved a revenue of 4.19 billion yuan in 2023, representing a year-on-year increase of 57%, with a net profit attributable to shareholders of 461 million yuan, up 213% year-on-year [1][2]. - Future expectations include continued growth driven by the company's multi-channel strategy and brand expansion, particularly in the cosmetics sector [1][2]. Financial Performance Summary - Revenue: The company reported a revenue of 4.19 billion yuan in 2023, with projections of 6.42 billion yuan in 2024, 7.90 billion yuan in 2025, and 9.25 billion yuan in 2026, reflecting growth rates of 57%, 53%, 23%, and 17% respectively [2][3]. - Net Profit: The net profit attributable to shareholders was 461 million yuan in 2023, with forecasts of 742 million yuan in 2024, 951 million yuan in 2025, and 1.15 billion yuan in 2026, indicating growth rates of 213%, 61%, 28%, and 21% respectively [2][3]. - EPS: Earnings per share (EPS) are projected to increase from 1.16 yuan in 2023 to 2.90 yuan in 2026 [2][3]. Brand Performance Summary - Han Shu: The brand achieved revenues of 10.3 billion yuan in H1 and 20.6 billion yuan in H2 of 2023, with a total revenue of 30.9 billion yuan for the year, marking significant growth [1]. - New Brands: New brands are also experiencing rapid growth, contributing to the overall revenue increase [1]. - Online Channels: The online self-operated channels, particularly Douyin, are identified as the core contributors to revenue growth, with a notable increase in gross merchandise volume (GMV) [1][2]. Future Outlook - The company aims to enhance its market share by expanding its presence across multiple platforms, including Taobao, JD, and Kuaishou, while also focusing on offline channel growth [1]. - The report suggests that the company is well-positioned to continue its brand incubation strategy, which is expected to further expand its business boundaries in the cosmetics sector [1].
2023年年报点评：韩束表现亮眼，期待抖音领先优势带动多渠道继续增长