Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.06 CNY, indicating an expected upside of over 20% within the next six months [4][6][16]. Core Views - The company is transitioning from a leader in sensitive skin care to a broader "sensitive+" category, enhancing its multi-brand matrix to create a skin health ecosystem. The operational optimization is expected to lead to a turning point in performance [4][3]. - The company reported a revenue of 5.52 billion CNY in 2023, a year-on-year increase of 10%, but a decline in net profit by 28% due to various factors including lower online sales during the Double 11 shopping festival and increased costs [2][4]. - The first quarter of 2024 showed a revenue of 1.1 billion CNY, a year-on-year increase of 27%, with a net profit of 180 million CNY, reflecting a 12% increase [2][4]. Financial Performance Summary - In 2023, the company's revenue was 5.52 billion CNY, with a gross margin of 73.9%, and a net profit margin of 13.7% [2][5]. - The company expects revenues of 6.7 billion CNY in 2024, 8.0 billion CNY in 2025, and 9.3 billion CNY in 2026, with corresponding net profits of 1.0 billion CNY, 1.3 billion CNY, and 1.6 billion CNY respectively [4][5][13]. - The gross margin is projected to remain stable around 73.8% for the next few years, while the net profit margin is expected to improve gradually [13]. Brand and Market Position - The main brand, Winona, generated 5.19 billion CNY in revenue in 2023, accounting for 94% of total revenue, with a gross margin of 74.5% [3]. - The company is expanding its product offerings from sensitive skin repair to sensitive skin PLUS, with notable growth in sub-brands such as Winona Baby and Beifuting [3][4]. - Online sales channels, particularly through platforms like Douyin and OTC, have shown significant growth, with online revenue contributing 35.5 billion CNY in 2023 [3][4].
24Q1扣非归母净利润+22%，期待敏感肌龙头2.0经营优化