Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced performance pressure in 2023 due to multiple factors but showed a recovery in Q1 2024 with a 27.1% year-on-year revenue increase [3] - The "Winona" brand has a significant leading effect in the skincare market, with a notable revenue increase in color cosmetics [3] - The company continues to expand its offline self-operated stores, achieving a 48.9% year-on-year revenue growth in offline channels [3] - The company has optimized its expense ratio in Q1 2024, leading to improved profitability metrics [3] - The company is recognized as a leading player in the dermatological skincare segment in China, with a solid brand image and successful multi-platform expansion [3] Financial Performance Summary - In 2023, the company achieved total revenue of 55.22 billion yuan, a 10.1% increase year-on-year, but the net profit attributable to shareholders decreased by 28.0% to 7.568 billion yuan [3] - For Q1 2024, the company reported revenue of 11.0 billion yuan, a 27.1% increase, and a net profit of 1.8 billion yuan, an 11.7% increase [3] - The company's revenue projections for 2024-2026 are 66.12 billion yuan, 77.57 billion yuan, and 89.27 billion yuan respectively, with corresponding net profits of 10.59 billion yuan, 13.20 billion yuan, and 16.00 billion yuan [2][3] Valuation Metrics - The current market capitalization corresponds to a P/E ratio of 23 for 2024, 18 for 2025, and 15 for 2026 [3] - The company's gross margin and net margin for 2023 were 73.9% and 13.7% respectively, with slight declines expected in 2024 [3][10]
2023年及2024Q1业绩点评：24Q1扣非归母净利同增+22%，员工持股计划保障长期发展