Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 15.44 [1]. Core Insights - The company reported impressive performance for 2023, with revenue of 2.15 billion, a year-on-year increase of 31%, and a net profit of 0.23 billion, up 108% year-on-year [2]. - The acquisition of Long Er Nai Rui Er is expected to strengthen the company's market position, as it consolidates the largest and second-largest traditional beauty service providers in China [2][3]. - The company's business model, which includes a dual beauty approach and digital marketing tools, is anticipated to enhance market penetration and accelerate customer conversion [2][3]. Financial Performance Summary - Revenue for 2023 was 2.15 billion, with a growth rate of 31%. Projections for 2024, 2025, and 2026 are 2.68 billion, 3.25 billion, and 3.72 billion, respectively, with growth rates of 25%, 21%, and 14% [3]. - Net profit for 2023 was 0.216 billion, with a growth rate of 109%. Expected net profits for 2024, 2025, and 2026 are 0.284 billion, 0.347 billion, and 0.405 billion, with growth rates of 32%, 22%, and 16% [3]. - The diluted earnings per share for the upcoming years are projected to be 0.91, 1.20, 1.47, and 1.72, with corresponding price-to-earnings ratios of 16.9, 12.8, 10.5, and 9.0 [3]. Market Position and Strategy - The company has expanded its store count to over 400, with a net increase of 50 stores, indicating a strong growth trajectory [2]. - The report highlights the increasing penetration rate of the dual beauty model, which rose by 1.3 percentage points to 25.0%, showcasing the effectiveness of the company's strategy [2]. - The acquisition of Nai Rui Er, a significant player in the beauty industry, is expected to enhance the company's market share and operational synergies [2][3].
2023年业绩点评：业绩亮眼，收购龙二奈瑞儿巩固市场地位