2023年年报点评：23年收入业绩高增，明星单品势能强劲，专业护肤业务表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of HKD 42.55 [3]. Core Insights - In 2023, the company achieved revenue of CNY 3.524 billion, representing a year-on-year increase of 49.05%, and an adjusted net profit of CNY 1.469 billion, up 39.04% year-on-year [2]. - The professional skincare product revenue grew by 51.1% year-on-year, driven by strong sales of the flagship product and improvements in the Keli Jin brand [2]. - The company expects adjusted net profits for 2024-2026 to be CNY 1.814 billion, CNY 2.277 billion, and CNY 2.823 billion, with growth rates of 23.5%, 25.5%, and 24.0% respectively [2]. Revenue Breakdown - Total revenue for 2023 was CNY 3.524 billion, with professional skincare products contributing CNY 3.508 billion, a 51.1% increase year-on-year [2]. - The flagship brand, Kefu Mei, generated CNY 2.788 billion in revenue, a 72.86% increase, while Keli Jin saw a slight decline of 0.29% to CNY 617 million [2]. - Direct sales revenue increased by 72.7% to CNY 2.421 billion, with significant growth in online channels such as Douyin [2]. Profitability Metrics - The company's gross margin for 2023 was 83.6%, with an adjusted net profit margin of 41.7% [2]. - The adjusted net profit for 2023 was CNY 1.469 billion, reflecting a decrease of 3.0 percentage points in net profit margin compared to the previous year [2]. - The report highlights an increase in sales expense ratio to 33.04% due to the expansion of online direct sales channels [2]. Future Outlook - The company is expected to continue leveraging its strong R&D capabilities and multi-brand strategy to enhance its product offerings and brand influence [2]. - The report projects a price-to-earnings ratio of 21x, 17x, and 14x for 2024-2026, indicating a favorable valuation outlook [2].