Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% compared to the Shanghai Composite Index within the next six months [11][13]. Core Insights - In 2023, the company reported a revenue of 622.59 million yuan, a year-on-year decline of 6.60%, primarily due to a 57.01% drop in the medical and antibacterial wet wipes segment. The net profit attributable to the parent company was 115.20 million yuan, down 18.28% year-on-year [1][6][14]. - The company is focusing on its core wet wipes business while expanding into the beauty and cosmetics sector, with a new R&D center in Shanghai and partnerships to enhance its product offerings [2][16]. - The company expects revenue growth in the coming years, projecting revenues of 669.2 million yuan in 2024, 754.65 million yuan in 2025, and 856.3 million yuan in 2026, alongside net profits of 114 million yuan, 130 million yuan, and 149 million yuan respectively [6][16]. Financial Summary - The company's gross margin for 2023 was 29.62%, a decrease of 1.84 percentage points year-on-year, while the net profit margin was 18.4%, down 2.75 percentage points [1][14]. - The sales expense ratio increased to 1.55%, up 0.48 percentage points year-on-year, and the management expense ratio rose to 7.8%, up 2.52 percentage points, mainly due to increased consulting fees and stock-based compensation [1][14]. - The company’s wet wipes product revenue was 524 million yuan, a decline of 10.90%, while the face mask segment saw a revenue increase of 15.65% to 66.55 million yuan [15][24]. Business Segmentation - The wet wipes segment remains the core business, with a focus on recovering orders for disinfectant wipes. The company is also diversifying into the beauty sector, which is expected to contribute to future growth [15][16]. - The production capacity utilization rates for wet wipes, face masks, and personal care products were 69.04%, 95.09%, and 9.84% respectively, indicating room for improvement in the personal care segment [15][16].
2023年年报点评：23年盈利承压，立足湿巾主业加大美妆布局