Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.15 HKD for 2024, based on a 23x PE valuation [2][4][7]. Core Insights - The company reported a strong performance in 2023, achieving a revenue of 4.19 billion, a year-on-year increase of 56.6%, and a net profit of 461 million, up 213.5% [1][3]. - The main brand, Han Shu, experienced significant growth, with a revenue increase of 143.8% to 3.09 billion, driven by successful marketing strategies and product launches [1][3]. - The company is focusing on a multi-brand and multi-category strategy, planning to expand into high-end personal care and skincare products [1][3]. Financial Performance Summary - Revenue for 2023 is projected at 4.19 billion, with a growth rate of 56.6% compared to the previous year [3][10]. - The net profit for 2023 is expected to be 461 million, reflecting a substantial increase of 213.5% [3][10]. - Earnings per share for 2023 is estimated at 1.16 RMB, with projections of 2.06 RMB and 2.62 RMB for 2024 and 2025 respectively [2][3][10]. - The gross margin is expected to improve to 72.1% in 2023, with net profit margin reaching 11.0% [3][10].
动态跟踪：韩束品牌增长强劲，盈利能力改善明显