Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.24 CNY [4][6] Core Insights - The company achieved a revenue of 6.08 billion CNY in 2023, a year-on-year decline of 4.5%, and a net profit attributable to shareholders of 593 million CNY, down 39% year-on-year. In Q1 2024, revenue and net profit attributable to shareholders grew by 4.2% and 21.4% year-on-year, respectively [1][2] - The raw materials business showed steady growth, with revenue reaching 1.13 billion CNY in 2023, up 15.2% year-on-year, driven by increases in pharmaceutical-grade and cosmetic-grade raw materials [1] - The medical terminal business, particularly in aesthetic medicine, saw significant growth, with revenue of 1.09 billion CNY in 2023, a year-on-year increase of 58.95%. Notably, skin-related medical products generated 750 million CNY, up 60.3% year-on-year [1] - The functional skincare segment faced challenges, with revenue declining by 18.5% to 3.76 billion CNY in 2023, prompting strategic adjustments in channel management [1] - Q1 2024 performance showed signs of stabilization, driven by continued growth in the aesthetic medicine sector and improvements in gross margin and sales expense ratio [1] Financial Summary - The company’s financial performance for 2022 and projections for 2024-2026 are as follows: - Revenue (million CNY): 2022A: 6,359, 2023A: 6,076, 2024E: 6,586, 2025E: 7,514, 2026E: 8,451 [3] - Net profit (million CNY): 2022A: 971, 2023A: 593, 2024E: 818, 2025E: 1,042, 2026E: 1,298 [3] - Earnings per share (CNY): 2022A: 2.02, 2023A: 1.23, 2024E: 1.70, 2025E: 2.16, 2026E: 2.69 [3] - Gross margin (%): 2022A: 77.0%, 2023A: 73.3%, 2024E: 74.3%, 2025E: 75.1%, 2026E: 75.5% [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 74.66 CNY for the next six months [5][9]. Core Insights - The company reported a revenue of 6.076 billion CNY in 2023, a decrease of 4.45% year-on-year, and a net profit of 593 million CNY, down 38.97% [1][10]. - In Q1 2024, the company achieved a revenue of 1.361 billion CNY, an increase of 4.24%, and a net profit of 243 million CNY, up 21.39% [1][2]. - The company is focusing on optimizing its skincare business and enhancing its marketing channels to improve performance [3][4]. Financial Performance Summary - In 2023, the gross margin was 73.32%, down 3.67 percentage points year-on-year, with sales, management, and R&D expense ratios at 46.78%, 8.10%, and 7.35%, respectively [2]. - For Q1 2024, the gross margin improved to 75.73%, up 1.95 percentage points, with a significant reduction in sales expense ratio to 36.04% [2]. - The company expects revenue growth rates of 16.0%, 13.9%, and 11.3% for 2024 to 2026, with net profit growth rates of 51.7%, 21.3%, and 12.9% respectively [9][10]. Business Outlook - The company is strengthening its partnerships with universities to enhance its research and development capabilities [4]. - It aims to develop a comprehensive synthetic biology platform and expand its presence in the orthopedic market [4][8]. - The company is also focusing on the medical terminal business, which has shown significant growth, while the skincare segment is undergoing adjustments [3][4].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 7.5 RMB per share [1]. Core Insights - The company experienced a revenue decline of 4.5% year-on-year in 2023, with a total revenue of 6.08 billion RMB. However, there are signs of recovery in Q1 2024, with a revenue increase of 4.2% year-on-year [1]. - The medical terminal business showed high growth, while the skincare segment faced challenges due to adjustments, leading to a 42% decline in net profit for 2023 [1]. - The company is expected to achieve net profits of 830 million RMB, 990 million RMB, and 1.08 billion RMB for the years 2024, 2025, and 2026, respectively, indicating a growth trajectory [2]. Summary by Sections Company Overview - The company reported a net profit of 490 million RMB in 2023, down 42% year-on-year, with a revenue of 6.08 billion RMB, a decrease of 4.5% [1]. - In Q1 2024, the company achieved a revenue of 1.36 billion RMB, a year-on-year increase of 4.2%, and a net profit of 240 million RMB, up 21.4% [1]. Financial Performance - The company’s earnings per share (EPS) for 2024 is projected to be 1.72 RMB, with a P/E ratio of 36 [2]. - The company plans to distribute a cash dividend of 3.8 RMB for every 10 shares held [1]. Revenue Breakdown - The medical terminal business generated a revenue of 1.13 billion RMB in 2023, reflecting a growth of 15.2% year-on-year [1]. - The company’s raw material business is expected to maintain steady growth, with a focus on expanding overseas and new business areas [1]. Market Position - The company’s market capitalization is approximately 12.19 billion RMB, with major shareholders including Huaxi Xinyu Investment Co., Ltd [1]. - The company’s stock price has shown a decline of 9% over the past year, with a current price of 61.50 RMB as of April 30, 2024 [1].

证券研究报告：美容护理 | 公司点评报告 2024年5月4日 股票投资评级 华熙生物(688363) 24Q1 归母净利润恢复高增长，静待化妆品等业务 买入|维持 调整见效 个股表现 ⚫ 事件回顾 公司公布 2023 年年报及 24 年一季度报告，2023 年实现收入 华熙生物 美容护理 60.8 亿元，同降4.5%，实现归母净利润为5.9亿元，同降39.0%， 0% -5% 实现扣非净利润 4.9亿元，同降42.4%，EPS 为 1.23元，拟每10股 -10% -15% 派发现金红利3.80元（含税）； 24Q1 实现收入 13.6亿元，同增 -20% 4.2%，实现归母净利润 2.4 亿元，同增 21.4%，实现扣非净利润 2.3 -25% -30% 亿元，同增53.3%，EPS为0.51元。 -35% -40% -45% ⚫ 事件点评 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 医疗终端业务快速增长，原料业务稳健增长，化妆品业务承压。 资料来源：聚源，中邮证券研究所 分业务来看：1）23 年公司原料业务实现收入 11.3 亿元，同比增长 15.2%， ...

[Table_Main] 证券研究报告 | 公司点评 华熙生物(688363.SH) 2024年05月05日 华熙生物：24Q1 利润拐点明 买入（维持） 所属行业：美容护理/医疗美容 显，降本增效期待 618 表现 当前价格(元)：61.50 单击或点击此处输入文字。 证券分析师 投资要点 易丁依 资格编号：S0120523070004  华熙生物24Q1扣非+53%，增长拐点明显。1）2023年：实现营收60.76亿/yoy- 4.45%，归母净利润 5.93 亿/yoy-38.97%，扣非归母净利润 4.9亿/yoy-42.44%。 邮箱：yidy＠tebon.com.cn 23全年盈利能力下滑，毛利率73.32%/-3.67pct，销售净利率9.59%/-5.53pct；费 用端基本稳定，销售费用率 47%/-1.0pct，管理费用率 8%/+2.0pct，研发费用率 7%/+1.0pct；2）23Q4：实现营收18.54亿/yoy-9.04%，归母净利润0.78亿/yoy- 市场表现 73.37%，扣非归母净利润0.58亿/yoy-77.07%。23Q4净利下跌，毛利率73.88%/- 华熙生物 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a significant profit turning point in Q1 2024, with a notable increase in net profit and a clear growth trajectory [4] - The company's functional skincare business is gradually improving, with a clear product positioning and a strengthening multi-brand matrix [5][7] - The medical aesthetics business is entering a harvest period, showing substantial revenue growth [5] - The raw materials business has also seen significant revenue growth, with an ongoing optimization of product structure [6] Financial Performance Summary - In 2023, the company achieved revenue of 6,076 million yuan, a year-on-year decrease of 4.45%, and a net profit of 593 million yuan, down 38.97% year-on-year [4][9] - The gross margin for 2023 was 73.32%, a decrease of 3.67 percentage points, while the net profit margin was 9.59%, down 5.53 percentage points [4] - For Q1 2024, the company reported revenue of 1,361 million yuan, a year-on-year increase of 4.24%, and a net profit of 243 million yuan, up 21.39% year-on-year [4] - The company anticipates revenue growth to reach 65.60 billion yuan in 2024, with net profit projected at 8.65 billion yuan, reflecting a year-on-year growth of 46.0% [7] Business Segment Insights - The functional skincare segment faced challenges in 2023, with revenue declining to 3,757 million yuan, down 18.45% year-on-year, but strategic adjustments are expected to lead to a revenue turnaround [5] - The medical terminal business achieved revenue of 1,090 million yuan in 2023, a year-on-year increase of 58.95%, with core products showing exceptional growth [5] - The raw materials segment generated revenue of 1,129 million yuan, up 15.22% year-on-year, with a focus on high-margin pharmaceutical-grade hyaluronic acid [6]

证券代码：688363 证券简称：华熙生物 公告编号：2024-019 | 回购方案首次披露日 | 2023/8/30，由董事长兼总经理赵燕女士提议 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 个月 12 | | 预计回购金额 | 200,000,000 元~300,000,000 元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 3,040,219 股 | | 累计已回购股数占总股本比 | 0.6312% | | 例 | | | 累计已回购金额 | 元 203,975,735.27 | | 实际回购价格区间 | 56.90 元/股~89.71 元/股 | 公司于 2023 年 8 月 29 日召开第二届董事会第八次会议，审议通过《关于以 集中竞价交易方式回购公司股份的议案》，同意公司以自有资金通过集中竞价交易 方式进行股份回购，用于员工持股计划或者股权激励。公司拟用于本次回购的资金 总额不低于人民币 2 亿元（含），不超过人民币 3 亿元（含），回购价格为不超过人 ...

[Table_Page] 年报点评|美容护理 证券研究报告 [华Table_熙Title] 生物（688363.SH） [公Tab司le_I评nves级t] 增持 当前价格 61.50元 Q1 业绩改善明显，医美业务持续高增 合理价值 70.87元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-02 ⚫ 事件：公司发布年报和一季报，2023年实现营收60.76亿元，同比下 [相Tab对le_P市icQ场uote表] 现 降 4.45%；归母净利润 5.93 亿元，同比下降 38.97%；扣非后归母净 利润4.90亿元，同比下降42.44%。23年公司增长遇到压力，主要源 2% -7%05/23 07/23 09/23 10/23 12/23 02/24 04/24 于过去业务增长过快，导致内部组织管理滞后于业务的发展速度，组织 -16% 管理有待提高，运营效率有待提升。24Q1实现营收13.61亿元，同比 -24% 增加4.24%；归母净利润2.43亿元，同比增加21.39%，有明显改善。 -33% ⚫ 毛利率下降，销售费用率有所改善。公司2023年毛利率为73 ...

浦银国际研究 公司研究 | 消费行业 华熙生物 （688363.CH）：调整初见成效， 桑若楠，CFA 但业绩恢复有待进一步确认 浦 消费分析师 银 serena_sang@spdbi.com 在功能性护肤品业务调整的背景下，华熙生物2023年收入录得上市以 国 (852) 2808 6439 来首次负增长（-4.5%），归母净利率跌至 9.8%，与 2023年的业绩快报 际 基本一致。我们欣喜地看到 1Q24收入和利润率重回增长通道，但我们 林闻嘉 认为仍有待时间来确认业务情况的恢复。我们维持华熙生物“持有” 首席消费分析师 评级，下调目标价至人民币 58.5元。 richard_lin@spdbi.com (852) 2808 6433 公  功能性护肤品业务调整初见成效：2023 年，功能性护肤品增长乏力促 司 使公司主动进行调整，全年功能性护肤品业务收入同比下降 18.5%， 2024年4月30日 研 令公司收入同比下降 4.5%。我们认为，进入 1Q24，公司的业务调整 究 效果初显。1Q24 单季收入在经历 2 个季度的负增长后重返正增长通 评级 道，但同比增速（4.2%）在低基数下是较低水平。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company reported a revenue of 6.08 billion yuan in 2023, a decrease of 4.45% year-on-year, with a net profit attributable to shareholders of 593 million yuan, down 38.97% [1]. - In Q1 2024, the company achieved a revenue of 1.36 billion yuan, an increase of 4.24%, and a net profit of 243 million yuan, up 21.39% [1]. - The company's profitability is showing signs of recovery, with Q1 profits exceeding expectations and a gross margin improvement to 75.73%, up 1.95 percentage points [1]. Summary by Sections Financial Performance - 2023 revenue was 60.76 billion yuan, with a net profit of 5.93 billion yuan and an operating cash flow of 700 million yuan, which increased by 10.15% [1]. - The company expects a revenue growth of 10.18% in 2024, with net profit projected to reach 807 million yuan, reflecting a growth rate of 36.22% [3]. Business Segments - Raw Materials: Revenue from raw materials reached 1.13 billion yuan, up 15.22%, contributing 18.59% to total revenue [1]. - Medical Aesthetics: This segment saw a revenue increase of 58.95% to 1.09 billion yuan, with a gross margin of 82.10% [1]. - Functional Skincare: Revenue declined by 18.45% to 3.76 billion yuan, attributed to strategic adjustments in brand management [1]. Future Outlook - The company is positioned as a leading player in the bioactive materials sector, with a diversified product matrix across raw materials, functional skincare, medical aesthetics, and functional foods [1][2]. - The forecast for net profit is adjusted to 8.07 billion yuan for 2024, with continued growth expected in subsequent years [2].