Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its future performance [4]. Core Insights - The company reported a revenue of 1.934 billion yuan in 2023, representing a year-on-year growth of 9.29%. However, the net profit attributable to shareholders decreased by 11.56% to 749 million yuan [4]. - For Q1 2024, the company achieved a revenue of 409 million yuan, a year-on-year increase of 9.65%, while the net profit attributable to shareholders was 152 million yuan, down 4.77% [4]. - The growth in revenue is primarily driven by the cosmetics segment and online sales channels, with cosmetics revenue reaching 1.083 billion yuan, up 19.92% year-on-year [4]. - The company has a strong focus on enhancing its brand recognition and market position through product development, channel expansion, and marketing strategies [4]. Financial Performance Summary - Revenue Forecast: Expected revenues for 2024, 2025, and 2026 are projected at 2.176 billion, 2.441 billion, and 2.720 billion yuan, respectively, with growth rates of 12.5%, 12.2%, and 11.4% [4][6]. - Net Profit Forecast: Projected net profits for the same years are 850 million, 953 million, and 1.066 billion yuan, with growth rates of 13.5%, 12.1%, and 11.8% [4][6]. - Earnings Per Share (EPS): EPS is expected to increase from 1.87 yuan in 2023 to 2.66 yuan by 2026 [4][6]. - Valuation Metrics: The price-to-earnings (PE) ratio is projected to decrease from 18 in 2023 to 12 by 2026, indicating an improving valuation as earnings grow [4][6]. Strategic Initiatives - The company is enhancing its product matrix by expanding its functional skincare and medical device offerings, with a focus on high-demand items such as hyaluronic acid repair patches [4]. - It is also strengthening its online presence across multiple platforms, including Tmall, Xiaohongshu, and Douyin, to capture a broader consumer base [4]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 400 million yuan, reflecting a cash dividend ratio of 53.39% [4].
2023年年报及2024年一季报点评：24Q1收入同比+9.7%，妆品业务持续发力带动成长