Canature Health(SZ:300272)2024-05-12 15:44Financial Performance - In 2023, the company achieved a revenue of 1.672 billion CNY, a year-on-year increase of 1% [1] - The net profit attributable to shareholders was 132 million CNY, reflecting a significant year-on-year growth of 43% [1] - In Q1 2024, the company reported a profit of 22 million CNY, with a year-on-year increase of 28% [1] - Q1 2024 revenue reached 381 million CNY, marking a 3% year-on-year growth [1] Product and Market Overview - The company’s water treatment products include whole-house water purifiers, softeners, commercial drinking water machines, and more [2] - The direct sales model primarily features the "Kaineng" brand, while the ODM/OEM model accounts for approximately 50% of the product sales [2] - The domestic sales model is divided into direct sales and distribution, targeting high-end consumers in first-tier cities [3] Industry Insights - The domestic water purification market is valued at approximately 30 billion CNY, with a penetration rate of just over 20%, indicating significant growth potential [3] - The company’s gross margin improved by 3.58 percentage points to 37.53% in 2023, driven by declining raw material prices and increased output [3] - The company aims to maintain a high gross margin, targeting 40% in Q1 2024 [3]