Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Insights - The company faced performance pressure in 2023, but in Q1 2024, the net profit attributable to shareholders increased by 21% year-on-year. In 2023, the company achieved revenue of 6.076 billion yuan (down 4.45% year-on-year) and a net profit 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 was 243 million yuan (up 21.39% year-on-year) [4][11]. Summary by Sections Revenue and Profitability - In 2023, the company reported a revenue of 60.76 billion yuan, with a net profit of 5.93 billion yuan. The net profit margin was 9.59%, down 5.53 percentage points year-on-year. The company plans to distribute a cash dividend of 3.80 yuan per 10 shares, totaling approximately 182 million yuan [4][11]. Business Segments - Raw Material Business: Revenue reached 1.129 billion yuan (up 15.22% year-on-year), driven by growth in pharmaceutical-grade and cosmetic-grade raw materials. The gross margin decreased by 6.83 percentage points to 64.71% [4]. - Medical Terminal Business: Revenue increased by 58.95% year-on-year to 1.090 billion yuan, with a gross margin of 82.10%. The aesthetic medicine segment saw significant growth, with skin-related medical products generating 747 million yuan (up 60.29% year-on-year) [4]. - Functional Skincare Products: Revenue declined by 18.45% year-on-year to 3.757 billion yuan, primarily due to strategic adjustments in the product line [11]. - Functional Food Business: Revenue fell by 22.53% year-on-year to 58 million yuan, attributed to proactive adjustments in business strategy and brand planning [11]. Financial Forecast - The company forecasts revenues of 66.30 billion yuan, 76.13 billion yuan, and 87.64 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 746 million yuan, 907 million yuan, and 1.113 billion yuan [5][14]. Valuation Metrics - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.55 yuan, 1.88 yuan, and 2.31 yuan, respectively. The price-to-earnings (PE) ratios are estimated at 41, 34, and 28 times for the same years [11][14].

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。 ...