【招银国际】 Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q.pdf

23H1归母净利yoy+177.66%，获三型胶原第二证，看好未来发展

归母净利yoy+46%，竞争力再提升

23Q3扣非归母净利yoy+39.88%表现靓眼，经营性利润稳健增长验证公司经营质量持续优化

23年化妆品营收yoy+ 22.2%，地产剥离实现公司转型，看好公司未来稳步发展

Distributor’s Jan sales flat yoy; we believe market performed better

23H1归母净利yoy+90.9%，Q2经营策略逐步调整、成效凸显

22Q1-3归母净利yoy-27.83%，全品类全渠道稳健提升经营质量

预告22Q3归母净利yoy+30.25%-44.72%超预期!深化大单品战略、提升品牌力提供长期动能

24Q1归母净利yoy+40.6%，转型突破，迈向全新高新

China Sportswear Sector - Distributor‘s Jan sales flat yoy; we believe market performed better