Investment Rating - The report maintains a "Recommended" rating for the company, with projected PE ratios for 2024-2026 at 20X, 16X, and 13X respectively [4][5]. Core Insights - The company has launched a new whitening product, the "Double Anti-White Brightening Essence," which features innovative ingredients and technology aimed at enhancing skin brightness and reducing yellowing [2][3]. - The appointment of Yi Yangqianxi as the global brand ambassador is expected to strengthen the brand's market presence and appeal to younger consumers [4]. - Financial forecasts indicate significant growth in revenue and net profit, with expected net profits of 1.56 billion, 1.92 billion, and 2.36 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 30.7%, 23.1%, and 22.9% [4][5]. Summary by Sections Product Development - The new "Double Anti-White Brightening Essence" incorporates advanced ingredients such as tocopherol glycoside and grapefruit peel glycoside, focusing on reducing yellowing and enhancing skin brightness [2]. - The product's pricing is set at 239 yuan for 30ml, with a strong emphasis on scientific validation through rigorous testing [2][3]. Brand Strategy - The collaboration with Yi Yangqianxi aligns with the brand's commitment to innovation and youthfulness, aiming to provide effective skincare solutions [4]. - The brand's strategy includes continuous product upgrades and a focus on scientific efficacy to differentiate from competitors [3]. Financial Performance - The company is projected to achieve total revenues of 11.75 billion, 14.40 billion, and 17.29 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 32.0%, 22.5%, and 20.1% [5][7]. - The net profit margins are expected to remain stable, with net profit rates around 13.41% to 13.66% over the forecast period [7][8].