经营业绩短期承压，积极调整蓄力长远

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 62.30 CNY over the next six months [1][11]. Core Insights - The company experienced significant revenue and profit declines in 2023, with total revenue of 2.83 billion CNY, down 30.1% year-on-year, and a net profit of 0.55 billion CNY, down 47.8% year-on-year. The first quarter of 2024 also showed a decline in revenue to 0.49 billion CNY, down 48.8% year-on-year, and a net profit of 0.073 billion CNY, down 75.6% year-on-year, which was below market expectations [2][10]. - The company is undergoing a transformation in its sales strategy, shifting from a model driven by channel expenses to one focused on sales performance, which is expected to improve the quality of channel construction [2][10]. - The gross profit margin has decreased, with 2023 and Q1 2024 margins at 78.4% and 71.1%, respectively, primarily due to a decline in product structure and increased sales and management expenses [2][10]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.83 billion CNY and a net profit of 0.55 billion CNY. The first quarter of 2024 saw revenue of 0.49 billion CNY and a net profit of 0.073 billion CNY, indicating significant declines in both periods [2][10]. - The revenue breakdown by product for 2023 shows declines across various series, with the highest drop in the Xiangquan series at 68.0% [2][10]. Market Strategy - The company is focusing on deepening channel reforms and enhancing brand value through new initiatives and collaborations, aiming to improve brand recognition and consumer engagement [2][10]. - The company plans to concentrate on core products and key markets, particularly in Hunan, while also expanding its presence in other provinces [2][10]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 1.78 CNY, 2.03 CNY, and 2.37 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 29, 25, and 22 [3][10]. - The company expects to benefit from the recovery of mid-to-high-end business consumption and the ongoing national expansion strategy, which is anticipated to yield long-term growth despite short-term pressures [2][10].