Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company reported a revenue of 5.522 billion yuan in 2023, an increase of 10.14% year-on-year, but the net profit attributable to shareholders decreased by 28.02% to 757 million yuan [4][6]. - The main brand, Winona, generated revenue of 5.192 billion yuan in 2023, up 6.28%, while the sub-brand Winona Baby saw a significant increase in revenue by 47.54% to 149 million yuan [5][6]. - The company has successfully acquired brands Za and Pure&Mild, enhancing its product offerings in the mass skincare and makeup segments [5][6]. Financial Summary - In 2023, the company's gross margin was 73.90%, with a net profit margin of 13.70%, reflecting a decrease of 7.26 percentage points from the previous year [5][6]. - For Q1 2024, the company achieved a revenue of 1.097 billion yuan, a year-on-year increase of 27.06%, with a net profit of 177 million yuan, up 11.74% [4][6]. - The company forecasts net profits of 980 million yuan, 1.138 billion yuan, and 1.323 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 24x, 21x, and 18x [6][7].
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