20230424-国盛证券-倍轻松-688793.SH-收入短期承压_23Q1业绩有所回暖_3页_302kb

Summary of Beikongshun Financial Performance

Company Events:
The company published its 2022 annual report and 2023 first-quarter (Q1) report. In 2022, revenue fell by 246.9% to 89.6 billion yuan, and net profit plunged to -12.4 billion yuan. For Q1 2023, revenue declined by 79.3%, but net profit improved by 81.56%, ending the first quarter with a net loss of -0.002 billion yuan.

2022 Financial Results:
Revenue dropped significantly due to offline traffic reduction and geopolitical conflicts, with specific product declines: neck and eye products fell by 22.98% and 35.69%, respectively, while head and scalp products also saw substantial declines. ODM revenue decreased by 48.47% due to reduced orders from Russia, notably a 75.83% drop in Russian client orders. Gross margin deteriorated to 49.32%, and net profit margin reached -2710% in Q4 2022, reflecting weak performance amid challenging economic conditions.

Q1 2023 Financial Results:
Performance showed early signs of recovery in Q1 2023. Revenue still faced pressure but saw a net profit increase of 81.56%, supported by improved gross margin to 59.05% and better cost management. However, expenses remained high due to fixed costs in offline channels and increased marketing efforts for online platforms. Operating cash flow improved markedly.

Profit Forecast and Recommendation:
Future projections indicate net profits of 0.81 billion yuan in 2023, rising to 1.06 billion and 1.28 billion yuan in 2024 and 2025, with year-over-year growth of 1647%, 319%, and 203% respectively. The rating remains "Buy" due to anticipated recovery in sales, particularly with product structure optimizations.

Key Risks:
Potential risks include macroeconomic uncertainties, slow channel expansion, and ongoing geopolitical tensions that could affect supply and demand dynamics. Additional financial details are provided in the appended tables.