公司信息更新报告：扣非归母净利润高增，聚焦大健康高质量发展可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [18] Core Insights - The company reported a significant increase in non-recurring net profit, with a growth of 242.5% year-on-year, indicating a focus on core health-related business and potential for high-quality development [20] - The cosmetics segment achieved revenue of 544 million yuan, growing by 15.1%, while the pharmaceutical segment faced a revenue decline of 23.3% [2][20] - The company is optimizing its marketing system and upgrading product lines to enhance the proportion of high-margin products [10][20] Financial Performance Summary - In Q1 2024, the company achieved total revenue of 891 million yuan, a decrease of 30.0% year-on-year, with a net profit of 59 million yuan, down 54.4% [20] - The gross profit margin for Q1 2024 was 50.8%, an increase of 11.4 percentage points, driven by the higher proportion of high-margin cosmetics [2] - The company expects net profits for 2024-2026 to be 377 million, 475 million, and 590 million yuan respectively, with corresponding EPS of 0.37, 0.47, and 0.58 yuan [20][34] Business Segment Analysis - Cosmetics: Revenue of 544 million yuan (+15.1%), with a gross margin of 62.2% [2] - Pharmaceuticals: Revenue of 109 million yuan (-23.3%), with a gross margin of 54.9% [2] - Raw materials: Revenue of 84 million yuan (+10.3%), with a gross margin of 29.7% [2] Future Outlook - The company is expected to continue focusing on high-quality development in the health sector, with new product launches and market expansion strategies in cosmetics and pharmaceuticals [10][20]