24Q1扣非归母净利0.52亿元，yoy+242.5%，化妆品一季度稳健，底部看好公司国企改革成功

Investment Rating - The report maintains a "Buy" rating for the company with an expected price return of over 20% within the next 6 months [1][11] Core Views - The company is focusing on a business transformation strategy, leveraging its "1234" innovation strategy for sustainable development. This includes a multi-brand strategy in cosmetics, the introduction of a new medical beauty brand, and resource integration in pharmaceuticals and raw materials [23] - The cosmetics segment showed a revenue increase of 15.12% year-on-year, with key brands achieving significant growth [22] - The company is expected to achieve net profits of 3.7 billion, 4.7 billion, and 5.5 billion for the years 2024 to 2026, corresponding to price-to-earnings ratios of 22, 17, and 15 respectively [23] Financial Summary - The company reported a revenue of 4.58 billion in 2023, a decrease of 64.65% compared to 2022, with an expected slight recovery in 2024 [15] - The net profit attributable to the parent company for 2023 is projected at 303.39 million, a significant increase of 567.44% from the previous year [15] - The EBITDA for 2023 is estimated at 788.77 million, with a projected increase in subsequent years [15] - The company’s total assets are reported at 58.47 billion, with a debt-to-asset ratio of 26.28% [11][12]