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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 was under pressure due to adjustments, but there is a positive recovery in Q1 2024 with revenue of 1.36 billion yuan, up 4.2% year-on-year, and net profit of 240 million yuan, up 21.4% year-on-year [3] - The cosmetics segment faced a temporary adjustment, focusing on creating flagship products, with revenue of 3.76 billion yuan in 2023, down 18.5% [3] - The medical terminal business showed high growth, with revenue of 1.09 billion yuan, up 59.0% year-on-year, driven by differentiated advantages in medical aesthetics [3] - The company's profitability improved in Q1 2024, with gross margin at 75.7% and net margin at 17.9%, reflecting a significant optimization in expense ratios [3] - The company is a global leader in the hyaluronic acid industry, with a stable integrated advantage, and the forecast for net profit in 2024-2026 is adjusted to 730 million yuan, 850 million yuan, and 1.01 billion yuan respectively [3] Financial Summary - Total revenue for 2023 was 6.08 billion yuan, down 4.45% year-on-year, with a net profit of 592.56 million yuan, down 38.97% [2][3] - The company plans to distribute a cash dividend of 3.8 yuan per 10 shares, with a payout ratio of 48.6% [3] - The earnings per share (EPS) for 2024 is projected at 1.51 yuan, with a price-to-earnings (P/E) ratio of 40.05 [2][3] - The company's total assets are projected to reach 9.04 billion yuan by 2024, with total liabilities of 1.57 billion yuan [9]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 61.50 yuan [2]. Core Views - The company achieved a revenue of 6.076 billion yuan in 2023, a year-on-year decrease of 4.45%, and a net profit attributable to shareholders of 593 million yuan, down 38.97% year-on-year. In Q1 2024, revenue was 1.361 billion yuan, up 4.24% year-on-year, and net profit attributable to shareholders was 243 million yuan, an increase of 21.39% year-on-year [1][2]. - The raw materials and medical terminal businesses are accelerating growth, while the functional skincare business is under pressure. The company is expected to see a turning point in its skincare business after adjustments [1]. - The company is a leader in hyaluronic acid, with a solid foundation in raw material business and rapid growth driven by its medical aesthetics brand, with medium to long-term performance growth expected [1][2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 6.076 billion yuan, with a year-on-year growth rate of -4.45%. The net profit attributable to shareholders was 593 million yuan, with a year-on-year decline of 38.97% [1][6]. - For Q1 2024, the company achieved a revenue of 1.361 billion yuan, representing a year-on-year increase of 4.24%, and a net profit of 243 million yuan, up 21.39% year-on-year [1]. - The gross profit margin for 2023 was 73.32%, down 3.67 percentage points year-on-year, while Q1 2024 saw a gross profit margin of 75.73%, up 1.95 percentage points year-on-year [1]. Business Segments - Raw materials business revenue in 2023 was 1.129 billion yuan, up 15.22% year-on-year, driven by growth in pharmaceutical-grade and cosmetic-grade raw materials [1]. - Medical terminal business revenue reached 1.090 billion yuan, up 58.95% year-on-year, primarily due to a 60.29% increase in skin-related medical product revenue [1]. - Functional skincare business revenue was 3.757 billion yuan, down 18.45% year-on-year, as the company made strategic adjustments to its skincare brands [1]. Profitability and Forecast - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 778 million yuan, 966 million yuan, and 1.193 billion yuan, respectively, with year-on-year growth rates of 31.3%, 24.1%, and 23.6% [2][6]. - The current price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 50x, 38x, and 31x, respectively [2].

上 市 公 司 美容护理 2024年04月30日 华熙生物 (688363) 公 司 研 究 ——24Q1 归母净利率 18%，医美高增护肤品边际向上 公 司 点 报告原因：有业绩公布需要点评 评 投资要点： 增持 （维持） ⚫ 公司发布23年财报及24Q1季报，业绩整体符合市场预期。1）23年营收60.76 亿元，同比下滑4.45%；归母净利润5.93亿元，同比下滑38.97%；扣非净利润 4.9亿元，同比下滑42.44%；2）24Q1营收13.61亿元，同比增长4.24%，归 证 市场数据： 2024年04月29日 母净利润2.43亿元，同比增长21.39%，扣非净利润2.31亿元，同比增长53.3%， 券 收盘价（元） 60.51 研 一年内最高/最低（元） 99.49/50.22 主因公司优化品牌资源配置和营销渠道结构，销售费用同比减少所致。3）每 10 究 市净率 4.1 股派发现金红利3.80元（含税）。 报 息率（分红/股价） - 告 流通A股市值（百万元） 11992 ⚫ 24Q1归母净利率17.89%，为近2年新高。1）盈利能力：24Q1毛利率75.73%， 上证指数/深证成指 3113.0 ...

美容护理/医疗美容 公 司 研 华熙生物（688363.SH） 2024Q1 利润有所回暖，期待公司变革完成焕新生 究 2024年04月30日 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 杨柏炜（联系人） huangzepeng@kysec.cn yangbowei@kysec.cn 日期 2024/4/29 证 书编号：S0790519110001 证书编号：S0790122040052 当前股价(元) 60.51  事件：2023年业务调整背景下经营承压，2024Q1利润端有所回暖 公 一年最高最低(元) 99.49/50.22 公司发布年报及一季报：2023年实现营收60.76亿元（同比-4.5%，下同）、归母 司 信 总市值(亿元) 291.46 净利润5.93亿元（-39.0%）；2024Q1实现营收13.61亿元（+4.2%）、归母净利润 息 流通市值(亿元) 119.92 2.43 亿元（+21.4%）。考虑市场竞争激烈，我们下调 2024-2025 年并新增 2026 更 总股本(亿股) 4.82 年盈利预测，预计公司2024-2026年归母净利润为8.51（-2.12） ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 70.93 CNY, down from the previous target of 92.70 CNY [1]. Core Insights - The company has shown better-than-expected performance in Q1, driven by significant growth in the medical beauty sector and notable cost reductions. The skincare segment is under pressure but is expected to show signs of recovery [1]. - The report highlights that the company's revenue and profit margins have improved due to the high growth in the medical beauty business and effective cost control measures [1]. - The company is expected to face challenges in the skincare segment, which is currently undergoing adjustments, but long-term profitability potential remains high [1]. Summary by Relevant Sections Financial Performance - In Q1 2023, the company reported revenues of 6.076 billion CNY, a decrease of 4% year-on-year, with net profit attributable to shareholders at 593 million CNY, down 39% [1]. - The gross profit margin improved to 75.73%, an increase of 1.95 percentage points year-on-year, primarily due to increased sales in the medical beauty segment [1]. - The company anticipates a revenue increase of 9% in 2024, reaching 6.598 billion CNY, and a further 13% increase in 2025 [1]. Cost Management - The report indicates a significant reduction in the expense ratio, with sales and management expenses optimized, leading to a net profit margin increase to 17.89% [1]. - The company has effectively controlled costs in the skincare segment, which is expected to enhance profitability in the long run [1]. Market Position and Future Outlook - The medical beauty segment is projected to continue its strong performance, while the skincare segment is expected to recover as new products are launched [1]. - The company is focusing on new product performance in the skincare segment, with particular attention to the launch of new items such as the "元气弹" and "蓝绷带精华" [1].

证券研究报告 | 2024年04月30日 华熙生物（688363.SH） 增持 一季度盈利能力拐点初显，医疗终端业务增长领先 核心观点 公司研究·财报点评 2024年一季度收入增长稳健，归母净利润实现21%增长。公司2023年营收 美容护理·医疗美容 60.76亿元，同比-4.45%，归母净利润5.93亿元，同比-38.97%，扣非净利 证券分析师：张峻豪 证券分析师：柳旭 润同比-42.44%，与此前业绩快报数据基本一致。2024年一季度看，公司营 021-60933168 0755-81981311 zhangjh@guosen.com.cn liuxu1@guosen.com.cn 收同比+4.24%，归母净利润同比+21.39%，扣非净利润同比+53.3%，整体盈 S0980517070001 S0980522120001 利水平环比改善明显，受益医疗终端和原料业务增长及费用管控优化。 基础数据 医疗终端业务增长领先，原料业务表现稳健。分业务看，公司医疗终端业务 投资评级 增持(维持) 合理估值 2023年收入同比+58.95%，收入占比同比+7.16pct至17.95%，且2024年一 收盘价 60 ...