深度报告：化妆品加速增长，大健康成长可期

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The cosmetics segment is experiencing accelerated growth, while the health sector shows promising potential [1] - The company has shifted focus from real estate and is now concentrating on the health sector, with a compound annual growth rate (CAGR) of 27% from 2019 to 2023 [11][19] - The management team has been restructured to enhance focus on the health sector, with significant contributions from the cosmetics business [11][19] Summary by Sections Company Overview - The company has transitioned from a dual focus on real estate and health to a primary focus on health, completing the divestiture of real estate assets in October 2023 [11] - The health business has shown a CAGR of 27% from 2019 to 2023, with cosmetics contributing over 75% to this growth [19] Cosmetics Business Acceleration - The cosmetics business has seen a revenue CAGR of 67% from 2019 to 2023, with 2023 revenues reaching 24.2 billion yuan, a year-on-year increase of 22.71% [17] - The company has implemented product upgrades and expanded its marketing channels, particularly through platforms like Douyin [21][43] - The two main brands, 瑷尔博士 and 颐莲, are driving growth, with 瑷尔博士 achieving a revenue of 13.5 billion yuan in 2023, a 27% increase year-on-year [43] Financial Performance - In 2023, the health business generated a net profit of 2.3 billion yuan, accounting for 76% of the company's total net profit [19] - The overall revenue for the health business was approximately 33 billion yuan in 2023, with a CAGR of 35% from 2019 to 2023 [37] - The net profit margin for the health business was around 7% in 2023, reflecting some pressure from rising costs in the cosmetics sector [65]