Investment Rating - The report maintains an "Outperform" rating for the company [4][5] Core Views - The company's core business shows stable growth, driven by high-end product development and optimization of product mix, with a projected revenue increase of approximately 8.0% year-on-year for 2023 [4][5] - The company achieved a total revenue of 23.77 billion RMB in 2023, representing a year-on-year growth of 5.09%, and a net profit of 2.80 billion RMB, which is an increase of 45.51% year-on-year [4][5][6] - The expansion of e-commerce and new retail channels has been significant, with sales from these channels exceeding 7.16 billion RMB, accounting for about 30.1% of total revenue, and growing approximately 17.7% year-on-year [4][5] Financial Performance - The company’s three core business segments (tissue paper, sanitary napkins, and diapers) achieved stable revenue growth in 2023, with tissue paper sales increasing by 12.25% year-on-year to 13.75 billion RMB, and diaper sales growing by 4.33% year-on-year to 1.25 billion RMB [4][6][7] - The sanitary napkin segment faced intense market competition but still managed to maintain a slight revenue increase of 0.36% year-on-year, totaling 6.18 billion RMB [4][6][7] - The company’s gross profit margin for 2023 was 33.70%, a slight decrease of 0.30 percentage points year-on-year, while the net profit margin improved to 11.26%, an increase of 2.65 percentage points year-on-year [7][10] Earnings Forecast - The company is expected to achieve net profits of 2.94 billion RMB, 3.10 billion RMB, and 3.20 billion RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 5.2%, 5.4%, and 3.2% [5][6][10] - The projected price-to-earnings (PE) ratio for 2024 is estimated to be between 13 to 14 times, suggesting a reasonable value range of 32.94 to 35.48 RMB per share [5][9]
公司年报点评：核心业务稳定增长，新零售及电商渠道持续拓展