Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [1][12]. Core Views - The company reported a revenue of 3.524 billion HKD for 2023, a year-on-year increase of 49%, and a net profit of 1.452 billion HKD, up 44.9%, slightly exceeding expectations [1]. - The net profit margin for 2023 was 41.2%, a decrease of 1.2 percentage points year-on-year, but the decline has significantly narrowed compared to the previous year [1]. - The company is experiencing a shift from offline to online sales and from dressings to skincare products, which is contributing to its growth [1]. - The DTC (Direct-to-Consumer) channel accounted for 61% of total revenue, reflecting a 10 percentage point increase [1]. Financial Performance - For 2023, the revenue breakdown shows that the main brand, 可复美, generated 2.788 billion HKD, a 73% increase year-on-year, while 可丽金's revenue was 617 million HKD, a slight decrease of 0.3% [1]. - The company expects to achieve net profits of 1.86 billion HKD, 2.288 billion HKD, and 2.765 billion HKD for 2024, 2025, and 2026 respectively, with growth rates of 28%, 23%, and 21% [2][4]. Brand and Product Analysis - The skincare segment is seeing validation of its major product capabilities, with successful launches and upgrades in its product matrix [2]. - The company has introduced new products in its collagen repair series and is focusing on enhancing consumer awareness and product upgrades [2]. - The operational capabilities are improving, with a notable reduction in online sales expense ratios expected in 2024 [2]. Sales and Market Trends - The sales performance in the first two months of 2024 shows a year-on-year increase of 31% for the company's flagship store on Tmall [7]. - The report highlights a strong consumer base concentrated in the 24-40 age group, particularly among those aged 24-30, which is higher than the overall beauty and skincare market [9][10].
23H2净利率同比环比均提升、超预期，品牌运营能力持续增强