Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved record high revenue and net profit in 2023, with total revenue reaching 2.15 billion RMB, a year-on-year increase of 31.2%, and adjusted net profit of 240 million RMB, up 53.2% [3][4] - The company plans to acquire a 70% stake in the second-largest beauty brand in China, Nairui'er, for 350 million RMB, which is expected to enhance its market share and operational scale [4][6] Revenue and Profitability - In 2023, the revenue breakdown shows that beauty and health services generated 1.19 billion RMB (55.6% of total revenue), medical beauty services contributed 850 million RMB (39.7%), and sub-health medical services accounted for 100 million RMB (4.7%) [4] - The adjusted net profit margin improved to 11.2%, up 1.6 percentage points from the previous year, while the gross margin increased to 45.6%, up 1.7 percentage points [3][4] Market Performance - The company's stock price as of March 28, 2024, is 15.46 HKD, with a market capitalization of 3.645 billion HKD [2] - Over the past month, the company's stock has outperformed the Hang Seng Index by 31.0% [2] Future Projections - Revenue forecasts for 2024-2026 are 2.674 billion RMB, 3.302 billion RMB, and 3.808 billion RMB, representing year-on-year growth rates of 25%, 23%, and 15% respectively [6][7] - The projected net profit for the same period is 270 million RMB, 339 million RMB, and 404 million RMB, with growth rates of 26%, 25%, and 19% respectively [6][7]
2023年业绩点评：2023年营收及净利润创新高，拟收购中国生美TOP2奈瑞儿