23年业绩短期承压，24Q1环比稳步恢复

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [16]. Core Views - The company experienced a revenue growth of 10.14% year-on-year in 2023, achieving a total revenue of 5.522 billion yuan, while net profit declined by 28.02% to 757 million yuan [2][3]. - The first quarter of 2024 shows signs of recovery with a revenue increase of 27.06% year-on-year, reaching 1.097 billion yuan, and a net profit increase of 11.74% to 177 million yuan [2]. - The company is focusing on expanding its product lines and enhancing its research capabilities, particularly in functional skincare products, which are expected to grow rapidly in the future [6]. Financial Summary - Revenue and Profitability: - 2023 revenue was 5,522 million yuan, with a growth rate of 10.1% compared to 2022. The net profit was 757 million yuan, down from 1,051 million yuan in 2022 [2][11]. - The projected revenues for 2024, 2025, and 2026 are 6,763 million yuan, 8,097 million yuan, and 9,463 million yuan, respectively [10]. - Margins: - The gross margin for 2023 was 73.90%, a decrease of 1.31 percentage points year-on-year. The net margin was 13.75%, down 7.20 percentage points from the previous year [3][11]. - Earnings Per Share (EPS): - The EPS for 2023 was 1.79 yuan, down from 2.48 yuan in 2022. Projections for EPS in 2024, 2025, and 2026 are 2.47 yuan, 3.02 yuan, and 3.66 yuan, respectively [2][11]. - Return on Equity (ROE): - The ROE for 2023 was 12.6%, down from 18.8% in 2022. Projections for ROE in the coming years are 15.4%, 16.4%, and 17.0% for 2024, 2025, and 2026, respectively [11]. Business Expansion - The company is expanding its product offerings, with skincare, medical devices, and cosmetics showing revenue growth rates of 6.86%, 19.53%, and 217.28%, respectively, in 2023 [3]. - The company is enhancing its research capabilities by collaborating with international laboratories and focusing on innovative raw materials and product development [6].