Investment Rating - The report maintains a "Buy" rating for Blue Moon Group (6993.HK) [4][7] Core Insights - In 2023, the company achieved revenue of HKD 7.324 billion, a decrease of 7.8%, with a gross profit of HKD 4.540 billion, down 1.2%, and a net profit attributable to shareholders of HKD 325 million, down 46.8% [3] - The second half of 2023 saw revenue stabilize at HKD 5.101 billion, an increase of 0.7%, with gross profit rising to HKD 3.313 billion, up 8.0%, but net profit fell to HKD 158 million, down 65.9% [3] - The company has adjusted its EPS forecasts for 2024-2025 to HKD 0.10 and HKD 0.11 respectively, down from HKD 0.13 and HKD 0.14, and introduced a new EPS forecast of HKD 0.14 for 2026 [3] Revenue Breakdown - For the second half of 2023, revenue from the laundry cleaning segment was HKD 4.543 billion, up 4.0%, while personal cleaning and home cleaning segments saw revenues of HKD 327 million and HKD 231 million, down 15.8% and 24.2% respectively [3] - Online sales contributed HKD 2.357 billion, up 3.4%, while offline sales were HKD 2.112 billion, down 2.7% [3] Profitability Analysis - The gross margin improved to 64.9%, an increase of 4.4 percentage points, while the net profit margin decreased to 3.1%, down 6.0 percentage points [3] - Promotional expenses surged to HKD 1.024 billion, up 229.4%, with promotional expenses as a percentage of revenue increasing by 13.9 percentage points [3] Market Position and Strategy - The company remains a leader in the laundry cleaning industry, launching new products and enhancing its marketing strategies, particularly on platforms like JD.com and Douyin [3] - The report highlights a clear strategy for optimizing offline channels, aiming to regain growth through improved distribution and sales management systems [3]
2023年报点评：毛利率显著提升，推广开支增加拖累净利