（更新）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" rating for the company [15] Core Views - The company achieved a revenue of 2.144 billion yuan in 2023, representing a year-on-year growth of 33.0%, and a net profit of 238 million yuan, up 27.2% year-on-year [17][22] - The company is expected to realize 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% [2][22] - The company is positioned as a leader in the personal hygiene sector, with a reference PE valuation of 28-30 times for 2024, leading to a reasonable value range of 19.46 to 20.85 yuan [2][21] Financial Performance Summary - In 2023, the company reported a gross margin of 50.32%, an increase of 5.21 percentage points year-on-year, with the gross margin for the "Free Point" product line reaching 54.84% [20] - The company’s revenue from e-commerce channels reached 748 million yuan, a significant increase of 101.52% year-on-year, driven by enhanced marketing efforts and brand investments [18][20] - The company’s total revenue is projected to grow to 2.602 billion yuan in 2024, with a year-on-year growth rate of 21.3% [22] Business Segment Analysis - Revenue from the Sichuan-Chongqing region is expected to grow from 678 million yuan in 2023 to 725 million yuan in 2024, with a growth rate of 7.0% [9] - The company’s revenue from e-commerce is projected to reach 1.047 billion yuan in 2024, reflecting a growth rate of 40.0% [9] - The company’s revenue from the Yunnan-Guizhou-Shaanxi region is expected to increase from 359 million yuan in 2023 to 424 million yuan in 2024, with a growth rate of 18.0% [9] Market Position and Strategy - The company has increased its market share in key provinces, achieving a revenue of 1.037 billion yuan in 2023 from these regions, a growth of 13.45% [18] - The company has focused on product innovation, launching new products such as probiotics series and collaborations with brands, which contributed to a 26.17% share of the health product series in total sanitary napkin revenue [5][20]