23年&24Q1财报点评：23年双十一未达目标致业绩承压，期待24年组织架构&品牌策略调整效果

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 5.522 billion yuan in 2023, representing a year-on-year increase of 10.14%, while the net profit attributable to the parent company was 757 million yuan, a decrease of 28.02% year-on-year [1] - The core brand, Winona, maintains a leading position in its segment, with a market share of 20.4% in the dermatological skincare market, ranking first [1] - The company faced challenges in 2023 due to unmet sales expectations during major promotional events and increased customer acquisition costs [1] Financial Performance Summary - In 2023, the company achieved total revenue of 55.22 billion yuan, with a net profit of 7.57 billion yuan, and a non-recurring net profit of 6.18 billion yuan, reflecting year-on-year changes of +10.14%, -28.02%, and -35.20% respectively [1] - For Q4 2023, the company reported revenue of 20.91 billion yuan, a decrease of 1.31% year-on-year, and a net profit of 1.78 billion yuan, down 66.74% year-on-year [1] - In Q1 2024, the company achieved revenue of 10.97 billion yuan, an increase of 27.1% year-on-year, with a net profit of 1.77 billion yuan, up 11.7% year-on-year [1] Sales Channel Performance - In 2023, the company's online, offline, and OMO channels generated revenues of 35.52 billion yuan, 14.27 billion yuan, and 5.23 billion yuan, with year-on-year changes of -0.37%, +48.87%, and +10.30% respectively [1] - The online channel faced pressure, particularly on platforms like Alibaba and Douyin, while offline channels showed strong growth, particularly in OTC channels [1] Profitability Metrics - The company's gross margin for 2023 was 73.9%, a decrease of 1.3 percentage points year-on-year, with net profit margin at 13.7%, down 7.2 percentage points year-on-year [1] - The report forecasts net profits of 1.15 billion yuan, 1.39 billion yuan, and 1.63 billion yuan for 2024, 2025, and 2026 respectively, indicating growth rates of 52%, 21%, and 17% [1]