本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 华熙生物科技股份有限公司（以下简称"公司"）首次公开发行股票募集资 金投资项目（以下简称"募投项目"）"华熙生物研发中心提升改造项目"（以下 简称"研发中心项目"）拟使用募集资金金额已投入完毕，"华熙天津透明质酸钠 及相关项目"（以下简称"天津项目"）已达到预定可使用状态，公司决定将其予 以结项，并注销相应募集资金专项账户，现将相关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2019 年 9 月 29 日出具的《关于同意华熙生 物科技股份有限公司首次公开发行股票注册的批复》（证监许可[2019]1796 号）， 公司首次公开发行人民币普通股 49,562,556 股，发行价格为 47.79 元/股，募集资 金总额为人民币 236,859.46 万元，扣除发行费用合计人民币 11,964.01 万元（不 含增值税）后，实际募集资金净额为人民币 224,895.44 万元。上述资金已于 2019 年 10 月 30 日全部到位，致同会计师事务所（特殊普通合 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [12]. Core Views - The company achieved a revenue of 6.08 billion yuan in 2023, a year-on-year decrease of 4.6%. However, the first quarter of 2024 showed a revenue increase of 4.2% year-on-year, reaching 1.36 billion yuan [1][2]. - The raw material and medical business segments exceeded expectations, with raw material product revenue growing by 15% year-on-year to 1.13 billion yuan, and medical terminal product revenue increasing by 59% year-on-year to 1.09 billion yuan [1]. - The company is expected to see revenue growth in the coming years, with projections of 6.6 billion yuan in 2024, 7.6 billion yuan in 2025, and 8.9 billion yuan in 2026, reflecting a compound annual growth rate of 14.1% from 2024 to 2026 [2][6]. Summary by Sections Financial Performance - In 2023, the company reported a gross profit margin of 73.32%, a decrease of 3.67 percentage points year-on-year, with a net profit of 590 million yuan, down 39% year-on-year [1]. - The first quarter of 2024 showed a gross margin improvement to 75.73%, with a net profit of 240 million yuan, up 21% year-on-year [1]. Business Segments - The raw material segment contributed 19% of total revenue, with a gross margin of 64.71%, down 6.83 percentage points due to increased production costs. The overseas market, particularly Europe and Southeast Asia, drove growth, with exports reaching 517 million yuan, up 21% year-on-year [1]. - The medical terminal segment contributed 18% of total revenue, with a gross margin of 82.10%, an increase of 1.24 percentage points. The company expanded its customer base to over 3,500 institutions [1]. - Functional skincare products accounted for 62% of total revenue, with a gross margin of 73.93%, down 4.44 percentage points. The company is optimizing its brand resources and channels [1]. Cost and Expenses - The overall expense ratio for 2023 was 61.72%, an increase of 2.25 percentage points from 2022. The sales expense ratio was 46.78%, down 1.2 percentage points year-on-year [1]. - The company reported a significant improvement in sales expenses, although the decline in functional skincare revenue led to a slight increase in the overall expense ratio [1]. Future Outlook - The company is expected to maintain a strong growth trajectory, with anticipated revenues of 6.6 billion yuan in 2024, 7.6 billion yuan in 2025, and 8.9 billion yuan in 2026, alongside net profits of 850 million yuan, 1.06 billion yuan, and 1.28 billion yuan respectively [2][6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company experienced a decline in revenue and net profit in 2023 due to adjustments in its skincare product line, but a significant recovery in performance is anticipated in Q1 2024 [6][8]. - The company is recognized as a global leader in biotechnology and bioactive materials, with a comprehensive value chain in hyaluronic acid production [6][8]. - The report forecasts EPS for 2024, 2025, and 2026 to be 1.71, 2.11, and 2.61 CNY respectively, with corresponding P/E ratios of 37.0X, 29.9X, and 24.3X [6][8]. Financial Summary - In 2023, the company reported revenue of 6,076 million CNY, a year-on-year decrease of 4.45%, and a net profit of 593 million CNY, down 38.97% [2][3]. - The gross margin for 2023 was 73.32%, a decline of 3.67 percentage points from the previous year, while the net margin was 9.59%, down 5.53 percentage points [3][8]. - The first quarter of 2024 showed a revenue increase of 4.24% year-on-year, with a net profit growth of 21.39% [2][3]. Business Performance - The company operates multiple business segments, with significant revenue contributions from raw materials, medical terminal products, and functional skincare products [3][6]. - The revenue from raw materials was 1,129 million CNY, up 15.22%, while medical terminal products saw a remarkable increase of 58.95% to 1,090 million CNY [3][6]. - The company has established a robust distribution network across over 70 countries, with a strong customer base of more than 4,000 global clients [3][6]. Future Outlook - The report indicates that the company is expected to benefit from the release of new production capacity, which will enhance the gross margin of its raw materials business [6][8]. - The expansion of skincare brands is anticipated to yield positive results, with potential for further optimization of expenses [6][8].

Investment Rating - The report suggests a focus on the company's management and organizational adjustments, indicating a potential for recovery in performance, thus recommending attention to the stock [6]. Core Views - The company reported a revenue of 6.076 billion yuan in 2023, a decrease of 4.5% year-on-year, with a net profit of 593 million yuan, down 39.0% year-on-year. However, Q1 2024 showed a revenue increase of 4.2% year-on-year to 1.361 billion yuan and a net profit increase of 21.4% year-on-year to 243 million yuan [3][4]. - The raw materials and medical terminal businesses performed well in 2023, with raw material revenue increasing by 15.22% and medical terminal business revenue increasing by 58.95%. In contrast, the functional skincare segment saw a revenue decline of 18.45% due to strategic adjustments [4][5]. - The company is implementing multi-dimensional adjustments in management, digitalization, and business operations, aiming for a rebound in the skincare business in 2024 [5]. Financial Summary - Revenue projections for 2024-2026 are 7.095 billion yuan, 8.095 billion yuan, and 9.253 billion yuan, with corresponding growth rates of 16.8%, 14.1%, and 14.3%. Net profit projections are 863 million yuan, 1.051 billion yuan, and 1.272 billion yuan, with growth rates of 45.6%, 21.8%, and 21.1% respectively [6][7]. - The company's comprehensive gross margin for 2023 was 73.3%, with a net profit margin of 9.75% [4][6]. - The earnings per share (EPS) for 2024-2026 are projected to be 1.79 yuan, 2.18 yuan, and 2.64 yuan, respectively [6][7].

证券研究报告 公司点评 华熙生物(688363.SH) 美容护理｜ 医疗美容 医疗终端业务发力成长，业绩有望加速修复 2024年 05月 06日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(百万元) 6,359.19 6,075.92 6,504.29 7,420.50 8,553.35 评级变动 维持 归母净利润(百万元) 970.92 592.56 791.09 991.94 1,105.31 交易数据 每股收益（元） 2.02 1.23 1.64 2.06 2.29 当前价格（元） 61.50 每股净资产（元） 13.77 14.42 15.73 17.37 19.21 52周价格区间（元） 53.00-97.88 P/E 31.32 51.32 38.44 30.66 27.51 总市值（百万） 29623.30 P/B 4.58 4.38 4.01 3.63 3.29 流通市值（百万） 12188.00 资料来源：iFinD，财信证券 总股本（万股） 48167.90 流通股（万股） 19817.90 投资要点：  业绩概览：1）2023全年以及第四 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue and profit were under pressure in 2023, but business adjustments showed initial results in Q1 2024, with significant optimization in sales expense ratio [3] - The raw material business grew steadily, with overseas expansion and synthetic biology layout progressing steadily [3] - The medical aesthetics segment showed strong growth, while the skincare business underwent phased adjustments [4] - The company is expected to achieve EPS of 1.71/2.10/2.49 for 2024-2026, with PE ratios of 37/30/25X [5] Financial Performance - 2023 revenue was 6.076 billion yuan, down 4.45% YoY, with net profit attributable to the parent company at 593 million yuan, down 38.97% YoY [3] - Q1 2024 revenue was 1.361 billion yuan, up 4.24% YoY, with net profit attributable to the parent company at 243 million yuan, up 21.39% YoY [3] - The raw material business achieved revenue of 1.129 billion yuan in 2023, up 15.22% YoY [3] - The medical terminal business achieved revenue of 1.090 billion yuan in 2023, up 58.95% YoY [4] - The functional skincare business achieved revenue of 3.757 billion yuan in 2023, down 18.45% YoY [4] Business Segments - The raw material business saw steady growth, with overseas expansion and new product launches [3] - The medical aesthetics segment added coverage to over 3,500 institutions, with skin-related medical products achieving revenue of 747 million yuan, up 60.29% YoY [4] - The skincare business is undergoing phased adjustments, with a focus on building blockbuster product series and optimizing channel structure [4] Future Outlook - The company is expected to continue its growth trajectory, driven by its core hyaluronic acid business and diversified bio-active material product matrix [5] - The report forecasts revenue growth of 11.59%, 14.77%, and 13.29% for 2024-2026, respectively [9]

[Table_RightTitle] 证券研究报告|美容护理 公 [Table_Title] [Table_StockRank] 司 买入 研 23 年业务调整，24Q1 业绩修复回升 (维持) 究 [Table_StockName] [Table_ReportDate] ——华熙生物（688363）点评报告 2024年05月08日 [Table_Summary] [基Ta础ble数_B据ase Data] 报告关键要素: 总股本（百万股） 481.68 2023年4月29日，公司发布2023年年报及2024年一季报。 流通A股（百万股） 481.68 收盘价（元） 63.90 公 总市值（亿元） 307.79 司 投资要点: 流通A股市值（亿元） 307.79 点 2023年业绩承压，24Q1归母净利润同比+21%。2023年，公司实现营收 [个Ta股ble相_C对ha沪rt] 深 300 指数表现 评 60.76亿元(同比-4.45%)，归母净利润5.93亿元(同比-38.97%)；扣非 报 华熙生物 沪深300 归母净利润为4.90亿元（同比-42.44%），业绩承压。此外，公司宣布 10% 告 拟向全 ...

公司研究 | 年报点评 华熙生物 688363.SH 23 年医美高增+护肤品调整，24Q1 整体逐 增持 （维持） 股价（2024年04月30日） 61.5元 步企稳 目标价格 63.24元 52周最高价/最低价 99.49/50.22元 总股本/流通A股（万股） 48,168/19,818 A股市值（百万元） 29,623 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司2023年实现营业收入60.8亿，同比下滑4.5%，实现归母净利润5.9亿，同比 报告发布日期 2024年05月06日 下滑39%。24Q1公司的收入和归母净利润分别同比增长4.2%和21.4%。 ⚫ 原料业务：收入增长稳健。2023年实现收入11.3亿，同比增长15.2%，其中出口 1周 1月 3月 12月 原料销售收入5.17亿元，同比增长21.5%。2023年原料业务收入增速较上一年加 绝对表现% 6.09 9.49 5.34 -37.71 快，主要受益于医药级原料及化妆品级原料的增长。产品方面，公司注重底层研 相对表现% 3.29 7.6 -5.73 -27.17 发，持续优化产品结构。2023年透明质酸锌、纳诺HA、微真、油 ...

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].