大健康系列乘营销东风表现突出，电商收入翻倍增长

Investment Rating - The report maintains an "Outperform the Market" rating for the company [27]. Core Insights - The company achieved a revenue of 2.144 billion yuan in 2023, representing a year-on-year growth of 33.00%, and a net profit of 238 million yuan, up 27.21% year-on-year [3]. - The company's health product series has shown significant growth, with revenue from this segment accounting for 26.17% of total sanitary napkin revenue in 2023 [3]. - E-commerce revenue doubled in 2023, reaching 748 million yuan, a 101.52% increase year-on-year, driven by increased marketing efforts in live-streaming channels [3]. - The gross profit margin improved to 50.32%, up 5.21 percentage points year-on-year, indicating effective product structure upgrades [3]. Financial Performance - The company forecasts net profits of 299 million yuan, 365 million yuan, and 440 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 25.3%, 22.2%, and 20.6% [3][7]. - The projected revenue for 2024 is 2.602 billion yuan, with a year-on-year growth rate of 21.3% [5][7]. - The company’s net profit margin for 2023 was 11.10%, with a slight decrease of 0.50 percentage points year-on-year due to increased marketing expenses [3]. Market Position and Strategy - The company has been actively investing in new product development, launching 28 new patents and products such as probiotic series and collaborations with brands [3]. - The company has successfully increased its market share in key regions, with a revenue of 1.037 billion yuan from the core five provinces, reflecting a 13.45% year-on-year growth [3]. - The report highlights the company's strategy of enhancing brand recognition through significant marketing investments, which is expected to further improve product visibility and reputation [3].