产品高端化成效良好，电商+外围市场持续扩张

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.14 billion yuan in 2023, representing a year-on-year growth of 33%. The net profit attributable to shareholders was 240 million yuan, up 27.2% year-on-year [1] - The e-commerce channel revenue reached 750 million yuan, growing by 101.5% year-on-year, with live-streaming e-commerce showing even faster growth [2] - The company is expanding its market presence in key provinces, achieving a revenue of 1.04 billion yuan in five core provinces, a 13.5% increase year-on-year [2] - The overall gross margin for 2023 was 50.3%, an increase of 5.2 percentage points year-on-year, driven by a higher proportion of high-margin health products [26] - The company expects EPS for 2024-2026 to be 0.7 yuan, 0.88 yuan, and 1.1 yuan respectively, with corresponding PE ratios of 23x, 18x, and 15x [9] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 670 million yuan, a year-on-year increase of 38.4%, but the net profit decreased by 8.6% to 60 million yuan [1] - The company’s total expenses for 2023 were 36.9% of revenue, with a sales expense ratio of 31.2%, reflecting increased marketing efforts [26] Market Expansion - The company is focusing on expanding its presence in peripheral provinces, with significant revenue growth observed in regions like Guangdong and Hunan [2] - The health product series, including probiotics, has contributed to new customer acquisition and regional expansion [27] Future Projections - Revenue is projected to grow to 2.66 billion yuan in 2024, with a year-on-year growth rate of 24.2% [28] - The company anticipates a steady increase in gross margin for sanitary napkin products, reaching 54% by 2026 [30]