电商快速发展，牙刷牙膏稳健增长，电动口腔及口腔医疗美容等业务高增长。分渠道看，23 年经销实现收入9.9 亿元，占比总收入72.3%，同增2.1%；23 年直供实现收入0.5 亿元，占比总收入3.9%，同增0.1%；23 年电商实现收入3.2 亿元，占比总收入23%，同增14.5%；23 年其他模式实现收入0.08 亿元，占比总收入0.6%，同增35.7%。Incident review
The company announced its 2023 annual report and 2024Q1 quarterly report. In 23, the company achieved revenue of 1.38 billion yuan, an increase of 4.8%; realized net profit of 140 million yuan, an increase of 5.0%; realized net profit of 110 million yuan, an increase of 1.6%, and EPS of 0.82 yuan; of these, 23Q4 achieved revenue of 370 million yuan, an increase of 8.2%; realized net profit to mother of 0.3 billion yuan, an increase of 16.8%, and EPS of 0.20 yuan. The 24Q1 company achieved revenue of 360 million yuan, an increase of 5.2%; realized net profit due to mother of 40 million yuan, an increase of 15.6%; realized net profit of 0.3 billion yuan without return to mother, a decrease of 0.4%, and EPS of 0.22 yuan.
Incident reviews
E-commerce is developing rapidly, toothbrushes and toothpaste are growing steadily, and businesses such as electric dentistry and dental care and beauty are growing at a high rate. By channel, distribution achieved revenue of 990 million yuan in '23, accounting for 72.3% of total revenue, an increase of 2.1%; direct supply achieved revenue of 50 million yuan in '23, accounting for 3.9% of total revenue, an increase of 0.1%; e-commerce achieved revenue of 320 million yuan, accounting for 23% of total revenue, an increase of 14.5%; in '23, other models achieved revenue of 0.8 billion yuan, accounting for 0.6% of total revenue, an increase of 35.7%.
By category, the adult category achieved revenue of 1.23 billion yuan in '23, accounting for 89.4% of total revenue, an increase of 3.5%; in '23, the children category achieved revenue of 100 million yuan, accounting for 7.6% of total revenue, an increase of 6.1%; in '23, other categories (electric dentistry, dental care, beauty, etc.) achieved revenue of 40 million yuan, accounting for 3.0% of total revenue, an increase of 59.0%.
Gross profit margin has been rising steadily, promotion efforts have been stepped up, and net profit margin has steadily increased. The company's 23-year gross margin/sales expense rate/management expense rate/R&D expense rate/financial expense ratio were 44.1%/4.9%/3.1%/-1.23%, respectively. Compared with the 22-year change rate, they were +3.6pct/+4.1pct/+0.7pct/+0.1pct/-0.5pct, respectively; 24Q1 gross margin/sales expense rate/ management expense rate/ R&D expense rate/ financial expense ratio
48.4%/31.7%/3.8%/3.6%/-1.0%, +7.2pct/+8.7pct/-0.3oct/+0.5pct compared with 23Q1, respectively. Benefiting from the steady increase in gross margin of product upgrades, the company continues to increase promotion and increase sales expenses. Overall, the net profit margin for fiscal year 23 increased by 0.02pct to 10.3%, and increased 1.0pct to 10.4% in 24Q1.
Profit forecast and investment advice: We adjusted the profit forecast. The company's net profit for 24-26 is estimated to be 170 million yuan/200 million yuan/230 million yuan respectively, corresponding to PE of 22 times/19 times/16 times, maintaining the “buy” rating.
Risk warning:
Industry prosperity fell short of expectations; product upgrades and channel expansion fell short of expectations, etc.