公司发布24 年年报及25Q1 季报，业绩略低于市场预期。1）24 年营收57.36 亿元，同比增长3.87%；归 母净利润5.03 亿元，同比下滑33.53%；扣非净利润2.4 亿元，同比下滑61.12%；2）25Q1 营收9.49 亿 元，同比下滑13.51%，归母净利润0.28 亿元，同比下滑83.97%，扣非净利润0.21 亿元，同比下滑 86.44%。25Q1 费用率增加影响利润释放。3）每10 股派发现金红利6.00 元（含税）。 公司深耕国内护肤市场，薇诺娜2.0 时代聚焦打穿敏感肌品类，进阶敏感PLUS 持续突破。 品牌矩阵贯穿高端大众，品类布局纵横护肤彩妆，组织架构调整，预计将为公司带来积极变化。根据 25Q1 业绩，下调25-26 年盈利预测并新增27 年盈利预测，预计25-27 年归母净利润为6.67/7.69/8.99 亿元 （原预测为24-26 年归母净利润10.23/13.00 亿元），对应PE 为26/23/20 倍。考虑到珀莱雅、丸美生物、 若羽臣3 家可比公司估值，维持"买入"评级。 风险提示：市场需求变动；行业竞争加剧；渠道费用高企；新品牌销售不及预期。 费用端表现承压，运 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company experienced a temporary pressure on performance, but the makeup business showed remarkable growth [1] - The skincare segment's revenue decreased by 1.41% year-on-year, while the makeup segment's revenue surged by 226.48% [3] - The company is focusing on multi-brand development with Winona as the core brand, aiming to enhance customer value through a combination strategy of single products and sets [4] Financial Performance Summary - For 2024, the company reported a revenue of 5.736 billion yuan, a year-on-year increase of 3.87%, and a net profit attributable to the parent company of 503 million yuan, a decrease of 33.53% [1] - The gross profit margin for 2024 was 73.74%, a slight decrease of 0.16 percentage points year-on-year [2] - The company’s revenue for Q1 2025 was 949 million yuan, down 13.51% year-on-year, with a net profit of 28 million yuan, down 83.97% [1] Segment Performance Summary - The skincare segment accounted for 83.70% of total revenue in 2024, while the makeup segment contributed 9.60% [3] - Online sales increased by 10.13% year-on-year, representing 68.21% of total revenue, while offline sales decreased by 10.72% [3] Future Projections - Revenue projections for 2025-2027 are 6.335 billion, 7.260 billion, and 8.491 billion yuan respectively, with net profits of 760 million, 923 million, and 1.057 billion yuan [4] - The company is expected to maintain a stable position in the market while exploring overseas expansion [4]