Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 1.38 billion yuan in 2023, representing a year-on-year growth of 4.8%. The net profit attributable to shareholders was 140 million yuan, up 5.0% year-on-year [9] - The company is experiencing steady growth in basic oral care, with a net profit margin gradually improving. The gross margin for 2023 was 44.1%, an increase of 3.6 percentage points from 2022 [10] - The company is expected to achieve net profits of 170 million yuan, 200 million yuan, and 230 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 22x, 19x, and 16x [10] Financial Performance - In Q4 2023, the company achieved a revenue of 370 million yuan, a year-on-year increase of 8.2%, and a net profit of 30 million yuan, up 16.8% year-on-year [9] - For Q1 2024, the company reported a revenue of 360 million yuan, a growth of 5.2%, and a net profit of 40 million yuan, an increase of 15.6% [9] - The company’s revenue from e-commerce grew by 14.5% in 2023, contributing 23% to total revenue [9] Profitability Metrics - The company’s net profit margin improved to 10.3% in 2023 and further to 10.4% in Q1 2024 [10] - The sales expense ratio increased to 28.1% in 2023, reflecting the company's efforts to enhance promotion [10] Revenue Breakdown - In 2023, the revenue from adult products was 1.23 billion yuan, accounting for 89.4% of total revenue, while children's products generated 100 million yuan, representing 7.6% [9] - The company’s revenue from other categories, including electric oral care and oral medical beauty, surged by 59.0% in 2023 [9]
基础口腔护理稳健增长，净利率稳步提升