业绩超出预告上限，双美战略有望驱动高质量增长

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company has exceeded profit forecasts, with a significant increase in net profit driven by the divestiture of its real estate business. In 2023, the company achieved revenue of 4.579 billion yuan, a year-on-year decrease of 64.65%, while net profit attributable to shareholders reached 303 million yuan, a year-on-year increase of 567.44% [2]. - The cosmetics and pharmaceutical segments are expected to drive high-quality growth, with the cosmetics business showing steady growth and a focus on collagen and medical aesthetics [2][3]. - The company is transitioning towards a dual beauty ecosystem, integrating both beauty and medical aesthetics, with new brand development strategies [2]. Financial Performance Summary - In 2023, the company reported a gross margin of 46.49% and a net profit margin of 6.63%, both showing significant year-on-year improvements [2]. - The cosmetics segment generated revenue of 2.416 billion yuan, a year-on-year increase of 22.71%, with a gross margin of 62.13% [2]. - The pharmaceutical segment achieved revenue of 520 million yuan, with a gross margin of 53.39%, indicating a stable growth trajectory [2]. Revenue and Profit Forecast - The revenue forecasts for 2024, 2025, and 2026 are projected at 4.655 billion yuan, 5.607 billion yuan, and 6.656 billion yuan, respectively, with corresponding net profits of 373 million yuan, 495 million yuan, and 552 million yuan [3][12]. - The expected year-on-year growth rates for net profit are 22.9% for 2024, 32.8% for 2025, and 11.6% for 2026 [3][12]. Market Position and Strategy - The company is focusing on enhancing its brand strength and expanding its market presence through a comprehensive marketing strategy that includes both online and offline channels [2]. - The dual beauty ecosystem strategy aims to leverage the company's strengths in both beauty and medical aesthetics, positioning it for future growth [2].