EventBingoblitz ™bingogamesThe company issues annual report and quarterly report, and achieves revenue of 22% in 2023Bingoblitz ™bingogames.300 million yuan, year-on-year + 28Bingoblitz ™bingogames.5%Bingoblitz ™bingogamesThe net profit of return to the mother is 260 million yuan, + 48.9% compared with the same period last year, and the net profit of non-return is 190 million yuan, + 38.2% compared with the same period last year. The performance growth is mainly due to the better growth of online Douyin, Tmall and other channels in the same period. Of these, 23Q4 achieved revenue of 690 million yuan in a single quarter, + 17.2% year-on-year, and net profit of 90 million yuan, + 58.0% compared with the same period last year. 24Q1 achieved income of 660 million yuan, + 38.7% year-on-year, and net profit of 110 million yuan, + 40.6% year-on-year, and non-deducted year-on-year + 40.8%, the performance exceeded expectations. The gross profit margin increases and the sales expense rate increases. The company's 23-year gross profit margin is from + 2.3pp to 70.7% year-on-year, mainly due to sales and product structure optimization and continuous cost control. The year-on-year expense rate is from + 3.3pp to 60.9%, of which the sales expense rate is from + 5.0pp to 53.9%, which is mainly due to the vigorous promotion of online transformation and the rising cost of online traffic; the management expense rate is from-1.5pp to 4.9%; the R & D expense rate is from-0.3pp to 2.8%; and the financial expense rate is-0.7%, which is basically the same. The 23-year homing net interest rate was + 1.6pp to 11.7% compared with the same period last year. 24Q1 gross margin year-on-year + 5.9pp to 74.6%, period expense rate year-on-year + 6.5pp to 55.4%. Among them, the sales expense rate is from + 7.8pp to 50.3%, the management expense rate is from-1.2pp to 3.2%, the R & D expense rate is from-0.3pp to 2.5%, and the financial expense rate is from + 0.3pp to-0.5%. In terms of brands, Maru Meizhu's revenue in 23 was 1.56 billion yuan, + 11.6% from the same period last year, accounting for 70.1% of revenue, while that of Love Fire was 640 million yuan, + 125.1% from the same period last year, accounting for 28.9%. According to different channels, the company achieved online revenue of 1.87 billion yuan in 23 years, + 50.4% year-on-year, accounting for 84.1%, and offline revenue of 350 million yuan,-27.2% year-on-year, accounting for 15.9%. Profit forecast and investment advice: the company firmly promotes transformation and development, and has achieved a qualitative change in sales model and operation thinking, making a comprehensive breakthrough in products, brands, people, channels, supply and so on. Vientiane is more "core". Greater development is expected in the future. It is estimated that the return net profit of the company in 24-26 years is 3.8,4.9 and 620 million yuan respectively, maintaining the view that the reasonable value of the company is 33.73 yuan per share, corresponding to 35 times PE in 24 years, and maintaining the "overweight" rating. Risk hint. The competition in the cosmetics industry has intensified; the growth rate of e-commerce has slowed down; and the development of new products is not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.