Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 3.524 billion with a year-on-year growth of 49%, and a net profit of 1.448 billion with a year-on-year growth of 45% for the year 2023. The adjusted net profit was 1.469 billion, reflecting a year-on-year increase of 39% [1]. - In the second half of 2023, the company achieved a revenue of 1.918 billion, which is a 39% year-on-year increase, and a net profit of 0.782 billion, also a 39% year-on-year increase [1]. - The company's operational capabilities in cosmetics and new product promotion have been continuously validated, with significant growth in online sales during major promotional events [1][2]. Summary by Sections Financial Performance - The company achieved a revenue of 3.524 billion in 2023, with a year-on-year increase of 49%. The net profit was 1.448 billion, up 45% year-on-year, and the adjusted net profit was 1.469 billion, reflecting a 39% increase [1]. - For the second half of 2023, the revenue was 1.918 billion, showing a 39% year-on-year growth, and the net profit was 0.782 billion, also a 39% increase year-on-year [1]. Brand Performance - The brand "可复美" generated a revenue of 2.788 billion, with a year-on-year growth of 73%, accounting for 79.1% of total revenue, an increase of 10.9 percentage points year-on-year. The brand's major product, "可复美胶原棒," saw significant sales growth during promotional events [1]. - The brand "可丽金" reported a revenue of 0.617 billion, a slight decline of 0.3% year-on-year, with its revenue share decreasing to 17.5%, down 8.7 percentage points year-on-year. The decline was primarily due to a drop in sales from the micro-business channel [1]. Sales Channels - Direct sales revenue reached 2.421 billion, up 73% year-on-year, accounting for 68.7% of total revenue, an increase of 9.4 percentage points year-on-year. The growth was attributed to enhanced online platform presence and increased sales of essence products [1]. - Distribution revenue was 1.104 billion, up 15% year-on-year, but its share decreased to 31.3%, down 9.4 percentage points year-on-year, mainly due to the decline in micro-business channel revenue [2]. Profitability - The gross margin was 83.6%, a decrease of 0.8 percentage points year-on-year, attributed to increased sales costs and a higher proportion of lower-margin products. The net profit margin was 41.1%, down 1.3 percentage points year-on-year [2]. - The company is expected to maintain strong growth, with projected net profits of 1.803 billion, 2.304 billion, and 2.809 billion for 2024, 2025, and 2026, respectively [2][3].
年年报点评：收入&业绩超预期，23H2销售费率明显下降