Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.45 RMB, based on a 28x target PE for 2024 [4][7]. Core Insights - The company experienced a revenue of 5.522 billion RMB in 2023, a year-on-year increase of 10.1%, but a decline in net profit by 28.0% to 757 million RMB. In Q1 2024, revenue rose to 1.097 billion RMB, reflecting a 27.1% year-on-year growth, with net profit increasing by 11.7% to 177 million RMB [1][2]. Financial Performance Summary - 2023 revenue was 5.522 billion RMB, with a growth rate of 10.14%. The net profit was 757 million RMB, down 28.02% from the previous year. For 2024, projected revenues are 6.889 billion RMB, with a growth rate of 24.74%, and net profit is expected to be 1.020 billion RMB, reflecting a growth rate of 34.83% [5][12]. - The company’s EPS for 2023 was 1.79 RMB, with projections of 2.41 RMB for 2024, 2.95 RMB for 2025, and 3.48 RMB for 2026 [4][5]. Strategic Developments - The company is implementing a strategic upgrade and organizational optimization, focusing on enhancing brand awareness and expanding into new markets, including establishing a Southeast Asia headquarters in Bangkok [3][4]. - The launch of the 2.0 strategy for the brand Winona aims to address the needs of sensitive skin consumers, with a focus on product line simplification and multi-channel pricing control [3]. Market Position and Future Outlook - The company is positioned as a leading player in the dermatological skincare sector, with expectations of continued growth driven by strategic acquisitions and brand integration [4][5]. - Revenue forecasts for 2024-2026 are 6.889 billion RMB, 8.320 billion RMB, and 9.570 billion RMB, respectively, indicating a robust growth trajectory [4][5].
战略升级/组织优化，期待24Q1积极转变的延续