代工业务共振改善，内生外延共驱成长

Investment Rating - The report maintains a "Buy" rating for the company [7][10]. Core Views - The company reported a revenue of 1.067 billion yuan in 2023, a year-on-year increase of 1.6%, but a decline in net profit by 4.9% to 93 million yuan. The first quarter of 2024 showed a significant revenue increase of 28.3% year-on-year to 286 million yuan, with net profit rising by 164.5% to 1.9 million yuan [1]. - The company is optimizing its organizational structure, leading to significant cost reduction and efficiency improvements. A new product management department has been established, and the number of new product launches exceeded expectations [2]. - Cash flow has improved, with net operating cash flow reaching 155 million yuan in 2023, a slight increase from the previous year. The company's operational capabilities remain stable, with accounts receivable turnover days decreasing by 3 days [3]. - The company is experiencing growth in its OEM business, with toothbrush and wet wipes showing improved performance. New product categories are also gaining traction, particularly in toothpaste and dental floss [4][5]. - The company holds significant stakes in two subsidiaries, Weimeizi and Shanenkang, which are expected to contribute positively to its financial performance in the coming years [6]. Financial Summary - In 2023, the company achieved a revenue of 1.067 billion yuan, with a projected revenue growth rate of 19.5% for 2024. The net profit for 2024 is expected to be 143 million yuan, reflecting a growth rate of 54.7% [8]. - The company's earnings per share (EPS) for 2024 is projected to be 1.42 yuan, with a price-to-earnings (P/E) ratio of 15.9 times [8]. - The financial indicators show a stable return on equity (ROE) of 7.4% in 2023, with expectations to rise to 10.4% in 2024 [8].