Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of HKD 35.24 billion in 2023, representing a growth of 49.0%, and a net profit of HKD 14.52 billion, up by 44.9%, exceeding expectations primarily due to the growth in e-commerce channels [5] - The company is expected to continue its growth trajectory with projected revenues of HKD 46.64 billion, HKD 59.02 billion, and HKD 72.47 billion for 2024, 2025, and 2026 respectively, alongside net profits of HKD 17.64 billion, HKD 22.00 billion, and HKD 27.01 billion [5][8] Revenue and Profit Performance - In 2023, the company's gross margin was 83.6%, slightly down by 0.76 percentage points, while the net profit margin was 41.1%, down by 1.27 percentage points [5] - The sales expense ratio increased to 33.0%, up by 3.17 percentage points, due to high sales expenses from e-commerce channel investments [5] Brand and Product Development - The company's two main brands, 可复美 and 可丽金, have shown significant growth, with 可复美 achieving a revenue of HKD 27.88 billion, up by 72.9% [5] - The product matrix has been enhanced with new launches, including collagen milk and creams, expanding into repair and deep cleansing categories [5] E-commerce Channel Growth - The direct-to-consumer (DTC) online sales reached HKD 21.55 billion, a growth of 77.5%, accounting for 61.2% of total revenue [6] - The company has seen substantial growth in its online channels, with significant increases in GMV across platforms like Tmall and JD [6] Future Outlook - The company aims to strengthen its R&D investments and expand its product offerings to solidify its position as a leader in collagen skincare [5][6] - The projected P/E ratios for the upcoming years are 22X, 18X, and 14X for 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [5][8]
23年业绩超预期，静待妆字新品放量+医美获批