Performance summaryOmahahilorulesThe company publishes the 2023 annual report and the first quarterly report of 2024, and the company achieves revenue of 81% in 2023Omahahilorules90 million yuan, compared with the same period last year-27Omahahilorules.9%; realized net profit of 580 million yuan,-64.8% compared with the same period last year; deducted non-net profit of 410 million yuan,-73.6% of the same period last year. In a single quarter, 2023Q4 achieved revenue of 2.17 billion yuan, year-on-year-41.4%, net profit of-1.57 billion yuan, year-on-year-491.6%, and deduction of non-return net profit of-210 million yuan, year-on-year-150.7%. 2024Q1 achieved revenue of 1.91 billion yuan, year-on-year-18.8%, net profit of 180 million yuan, year-on-year-51.6%, and non-return net profit of 140 million yuan,-53.5% year-on-year. Affected by the sharp decline in market demand for infection protection products and the impact of excess inventory in the whole industry chain, the company's performance is under pressure. The cost control fee reduction has achieved good results, and the gross profit margin of consumer goods has been optimized. In 2023, the company's overall gross profit margin was 49%, year-on-year + 1.6pp. Among them, 2023Q4 gross profit margin is 45.8%, year-on-year-0.6pp. The company's gross profit margin remains relatively stable. From a product point of view, the gross profit margin of the company's medical consumables is 40.4% (- 4.0pp), of which the gross profit margin of infection protection products / traditional wound care and bandaging products is 44.7% (- 3.7pp) / 34.4% (+ 1.4pp) respectively. The gross profit margin of healthy living consumer goods is 56.9% (+ 3.9pp), of which dry and wet cotton towels / baby clothing and articles / adult clothing are 52.8% (+ 3.4pp) / 57.5% (+ 4.6pp) / 63.1% (4.4pp) respectively. Under the company's optimization of product system and strengthening discount control, the gross profit margin of consumer goods is significantly improved. From a regional point of view, the gross profit margin of the company at home and abroad is 50.5% (+ 2.3pp) / 42.7% (- 0.1pp) respectively. In terms of expense rate, the total expense rate of the company in 2023 was 37.2%, which was + 10.3pp compared with the same period last year, mainly due to the rigidity of the company's fees, while the revenue end was affected by infection protection products. Among them, the sales expense rate is 25.5%, year-on-year + 7.5ppp; management expense rate is 8.5%, year-on-year + 2.9ppm; financial expense rate is-0.8%, year-on-year + 0.3ppm; R & D expense rate is 3.9%, year-on-year-0.4pp. In addition, the company recorded a total of 190 million yuan in goodwill impairment on the two medical subsidiaries acquired in 2023, and 250 million yuan in asset impairment on the disposal of infection protection products and equipment. Overall, the company's net interest rate in 2023 was 7.1%, compared with the same period last year-7.4pp. Medical consumables business: the demand for infection protection products has weakened, and conventional medical consumables have grown steadily. In 2023, the company's medical consumables business achieved revenue of 3.86 billion yuan (- 46.7%), accounting for 47.2% of revenue (- 16.7pp). From a product point of view, 1) the market demand for infection protection products has decreased significantly since 23Q2, and the superimposed market inventory is high. Under the condition of low mobile sales, the annual operating income of this category is 920 million yuan, a cumulative decrease of 3.82 billion yuan over the same period last year, and a decrease of 80.7 percent over the same period last year. 2) the business of conventional medical consumables has developed steadily. Among them, the traditional dressing business achieved income of 1.15 billion yuan, an increase of 7% over the same period last year; high-end dressing and operating room consumables business achieved business income of 600 million yuan (+ 27.7%) and 560 million yuan (+ 17.7%) respectively, with a good growth momentum. In terms of channels, under the multifaceted impact of the international environment, the company's overseas channels achieved business income of 1.45 billion yuan (+ 15.4%); domestic hospital channels achieved annual operating income of 920 million yuan, accounting for 23.7% of the medical sector income. By the end of 2023, the company has covered more than 6, 000 medical institutions The C-end business has developed actively. In 23 years, e-commerce for medical consumables and domestic drugstores achieved business income of 630 million yuan and 330 million yuan respectively, accounting for 24.7% of the medical sector income. Among them, cross-border e-commerce is growing rapidly, and the ranking of core items on Amazon platform remains in the lead. In terms of domestic drugstores, more than 190000 OTC drugstores were covered by the end of 23, with more than 40, 000 new ones this year, with remarkable expansion results. Healthy consumer goods business: outstanding product advantages, accelerated recovery of the offline market. In 2023, the company's healthy living consumer brand continued to consolidate brand building in the cotton era, with revenue of 4.26 billion yuan (+ 6.4%). According to the products, 1) the sales of dry and wet cotton towels increased steadily, and the market share remained in the lead. In 2023, the operating income was 1.19 billion yuan, an increase of 2.8% over the same period last year. 2) the sanitary napkins in the cotton era earned 590 million yuan, an increase of 4.2% over the same period last year. 3) Adult clothing and itsOmahahilorules他有纺制品（以床上用品、卫浴用品为主）得益于线下销售的恢复，增速亮眼，2023 年分别实现营业收入8.4亿元及4.1亿元，同比增长21.7%和17.1%。渠道方面，2023年线下市场加速恢复，线下门店成为拉动全棉时代营收增长的主力渠道。2023 年线下门店实现营业收入13.6 亿元，同比增长18.7%。公司积极拥抱数字化变革，年内门店坪效取得约15%的同比增长。同时，公司积极加速开店步伐，新开门店数量84家（新开直营店42 家、加盟店42 家），截止2023 年末，公司线下门店数量达到411家（其中直营店337 家，加盟店74 家）。线上渠道方面，公司继续深耕，提升精细化运作能力，2023年线上渠道实现营业收入25.8亿元，同比增长1.2%。 此外，在全渠道布局基础上，公司积极拓展线下优质连锁商超和即时零售业务，商超渠道发展稳中向好，2023 年商超渠道贡献收入2.4亿元，同比增长4.3%。 Q1 核心单品持续向好，收入结构变化使短期盈利有所承压。分业务来看，1）2024Q1 医用耗材实现营业收入8.6亿元，同比-37.3%。其中感染防护产品实现营业收入0.8 亿元，同比-87.6%；常规医用耗材产品收入7.8亿元，同比+4.3%。 2）健康生活消费品收入10.4 亿元，同比+7.1%。其中无纺消费品收入5.5 亿元，同比+10%；有纺消费品收入4.9 亿元，同比+4%。无纺消费品中核心爆品干湿棉柔巾实现营业收入2.7 亿元，同比增长 20%，带动全品类发展持续向好。盈利能力方面，2024Q1 毛利率为47.6%，同比-3.3pp，毛利率下降主要是毛利率较高的感染防护产品销售大幅下降所致；总费用率为36.2%，同比+5.9pp，其中销售/管理/财务/研发费用率分别同比+5pp/+1.6pp/0pp/-0.7pp。24Q1 实现净利率为9.6%，同比-6.5pp。 盈利预测与投资建议。预计2024-2026 年EPS 分别为1.60 元、1.79 元、2.02元，对应PE 分别为20 倍、18 倍、16 倍。考虑到公司消费品预计稳健修复，除疾控产品外医用耗材有望保持较快增长，维持“买入”评级。 风险提示：原材料价格大幅波动的风险，收购业务协同效果不及预期的风险，渠道扩张不及预期的风险，汇率波动较大的风险。 【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。
【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。
