Investment Rating - The investment rating for the company is "Buy" with a target price of 39.90 CNY, which is a decrease from the previous target of 44.00 CNY [15]. Core Views - The company is experiencing pressure on profits, which are below expectations. There is a focus on expanding cosmetics and online channels, with profitability under pressure. Attention is needed on subsequent online sales and inventory changes in offline distribution [15]. - The company reported a revenue of 1,934 million CNY for 2023, with a projected increase to 2,191 million CNY in 2024, reflecting a growth rate of 13% [15]. - The gross profit margin for the company is 82.8%, which is a decrease of 0.8 percentage points year-on-year, attributed to an increase in the proportion of cosmetics sales [15]. Financial Summary - The company’s operating income for 2023 is 912 million CNY, with a projected increase to 1,002 million CNY in 2024, indicating a growth of 10% [15]. - The net profit attributable to the parent company for 2023 is 749 million CNY, with an expected increase to 761 million CNY in 2024, showing a growth of 2% [15]. - The earnings per share (EPS) for 2023 is 1.87 CNY, projected to be 1.90 CNY in 2024 [15]. Market Performance - The company’s stock has a market capitalization of 13,243 million CNY, with a 52-week price range of 25.94 to 70.70 CNY [19]. - The company is positioned in the household and personal goods sector, specifically in essential consumer products [15].
敷尔佳2023年报及2024一季报点评：盈利承压，关注边际改善