[Table_Header] 公司点评●医疗美容 2024 年 04 月 30 日 [Table_Title] [Table_StockCode] 24Q1 利润增长超预期，盈利有望持续修复 华熙生物（688363） [Table_InvestRank] --2023 年年报及 2024 年一季报业绩点评 推荐 (维持) 核心观点： 分析师 [⚫T able事_S件um：m公a司ry发] 布 2023年年报及 2024年一季报。2023年实现营业收入 60.76亿 [程Ta培b le_Authors] 元（-4.45%），归母净利润5.93亿元（-38.97%），扣非净利润4.9亿元（-42.44%）， ：021-20257805 经营性现金流 7.0亿元（+10.15%）。2023Q4实现营业收入 18.54亿元（-9.04%）， ：chengpei_yj@chinastock.com.cn 归母净利润 0.78亿元（-73.37%），扣非净利润 0.58亿元（-77.07%）。2024Q1 分析师登记编码：S0130522100001 实现营业收入 13.61亿元（+4.24%），归母净利润 2.43 ...

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]

华熙生物（688363.SH）2023年年报及2024年一季报点评 原料及医疗终端业务加速增长，期待护肤业务调整后迎来拐点 2024年04月30日 ➢ 事件：华熙生物披露 2023 年及 2024 年一季度业绩。23 年，公司实现营 推荐 维持评级 收60.76亿元，同比-4.45%；归母净利润5.93亿元，同比-38.97%；扣非归母 净利4.90亿元，同比-42.44%。24Q1，公司实现营收13.61亿元，同比+4.24%； 当前价格： 61.50元 归母净利润2.43亿元，同比+21.39%；扣非归母净利2.31亿元，同比+53.30%。 ➢ 原料及医疗终端业务加速增长，功能性护肤品业务承压，23 年公司整体收 入小幅下滑。23年，公司实现营收60.76亿元，同比-4.45%；分业务看，1）原 料业务：23年收入11.29亿元，同比+15.22%，主要系医药级原料及化妆品级 [Table_Author] 原料的增长；医药级原料方面，23 年公司无菌级 HA 生产线已完成试产，新增 用于修护和润滑产品的医疗器械级 Hyatrue®透明质酸钠，有望进一步巩固公司 在 HA 高端市场的领先地位；化妆品级原料 ...

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） ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[华ITnaf 熙bol]e 生_Ti物tle]( 688363) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q1 超预期，医美高增、降费显著 目标价格： 70.93 上次预测： 92.70 公 ——华熙生物2023 年报及2024 年一季报点评 当前价格： 60.51 司 訾猛(分析师) 谈嘉程(分析师) 闫清徽(分析师) 2024.04.30 更 021-38676442 021-38038429 021-38031651 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com tanjiacheng@gtjas.com yanqinghui@gtjas.com 证书编号 S0880513120002 S0880523070004 S0880522120004 52周内股价区间（元） 53.00-97.88 报 总市值（百万元） 29,146 告 本报告导读： 总股本/流通A股（百万股） 482/198 流通 B股/H股（百万股） 0/0 2023年公司业绩承压，24 ...

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 ...

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 ...

Financial Performance - In 2023, the company achieved a net profit attributable to shareholders of RMB 592,555,911.37, with a parent company net profit of RMB 709,303,002.90[5]. - The proposed cash dividend distribution is RMB 3.80 per 10 shares, totaling RMB 181,882,448.74, which accounts for 30.69% of the net profit attributable to shareholders[5]. - The company's operating revenue for 2023 was approximately CNY 6.08 billion, a decrease of 4.45% compared to CNY 6.36 billion in 2022[25]. - Net profit attributable to shareholders decreased by 38.97% to CNY 592.56 million in 2023 from CNY 970.92 million in 2022[25]. - Basic earnings per share fell by 39.11% to CNY 1.23 in 2023, down from CNY 2.02 in 2022[26]. - The company's total assets decreased by 2.44% to CNY 8.47 billion at the end of 2023, compared to CNY 8.68 billion at the end of 2022[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 490.48 million, a decrease of 42.44% from CNY 852.14 million in 2022[25]. - The comprehensive gross margin for the reporting period was 73.32%, indicating a stable production and sales situation[161]. Operational Efficiency - The net cash flow from operating activities increased by 10.15% to CNY 699.65 million in 2023, compared to CNY 635.19 million in 2022[25]. - The company has not reported any significant risks that could materially affect its operations during the reporting period[4]. - The company has received a standard unqualified audit opinion from its auditor, Deloitte[5]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not experienced any instances where more than half of the board members could not guarantee the accuracy and completeness of the annual report[9]. - The company has established a comprehensive quality management system, certified by multiple international standards, ensuring high production standards that meet cGMP and GMP requirements[145]. Research and Development - Research and development expenses accounted for 7.35% of operating revenue in 2023, an increase from 6.10% in 2022[26]. - Total R&D expenditure reached approximately CNY 44.63 million, a 14.98% increase from the previous year, representing 7.35% of total revenue[110]. - The company is actively developing 132 R&D projects in raw materials and synthetic biology, focusing on innovative green manufacturing technologies[112]. - The company has initiated 99 medical device R&D projects, with plans to launch multiple products in orthopedics, ophthalmology, and surgery over the next 1-3 years[113]. - The company has launched 1 new key research project in 2023 focused on non-animal sourced chondroitin sulfate, and continues to work on 4 national key research projects related to biomanufacturing technologies[101]. - The company has established deep collaborations with independent institutions to advance efficacy testing for new products, enhancing market competitiveness[117]. Market Expansion and Product Development - The company is focusing on digital transformation, organizational capability enhancement, compliance management, and cost reduction to drive sustainable growth[38]. - The company is expanding its distribution channels, adding coverage to over 3,500 medical institutions in the domestic market during the reporting period[43]. - The company is the exclusive distributor of RegenLab's PRP product in China, promoting it across various medical departments[64]. - The company is exploring the application of new food ingredients like sodium hyaluronate and GABA in health foods, enhancing the health quality of the population[80]. - The company is actively pursuing new strategies in biotechnology and synthetic biology to enhance its product offerings and market competitiveness[120][121]. - The company is expanding its market presence in the cosmetic sector with high molecular weight hyaluronic acid products, targeting skincare, hair care, and makeup applications[200]. Strategic Initiatives - The company is undergoing comprehensive management reforms to improve operational efficiency and adapt to changing market conditions[37]. - The company has established an ESG management system and formed an ESG strategic management center to enhance sustainable development efforts[58]. - The company has signed a strategic cooperation agreement with Jiangnan University in February 2023 to promote research in synthetic biology and human milk oligosaccharide biomanufacturing[52]. - The company is focused on the development of technologies that improve the delivery and stability of active ingredients in skincare products, addressing consumer absorption challenges[116]. - The company is committed to sustainability in its production processes, aligning with industry trends towards eco-friendly and natural ingredients[200]. Risks and Challenges - The company faces risks related to new product development, registration, and potential technology substitution, which could impact its market competitiveness[154]. - The company is exposed to supply chain management risks as it expands its business scale, necessitating effective supplier partnerships[159]. - The company’s overseas sales accounted for 13.47% of total revenue, exposing it to global economic fluctuations and trade tensions[164]. - The company is at risk of declining net profit margins due to increased strategic investments in brand building and talent acquisition[160]. - The company has implemented measures to protect its core technologies, but risks of leakage remain if confidentiality protocols are not effectively enforced[156].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 1,360,531,915, representing a year-on-year increase of 4.24%[4] - The net profit attributable to shareholders was RMB 243,367,321.40, reflecting a year-on-year growth of 21.39%[4] - The net profit after deducting non-recurring gains and losses was RMB 231,475,776.61, which increased by 53.30% compared to the same period last year[4] - Basic and diluted earnings per share were both RMB 0.51, marking a 21.43% increase year-on-year[5] - Net profit for Q1 2024 was CNY 243,387,652.32, compared to CNY 200,972,272.94 in Q1 2023, reflecting an increase of approximately 21.0%[20] - Basic earnings per share for Q1 2024 were CNY 0.51, up from CNY 0.42 in Q1 2023, representing a growth of approximately 21.4%[21] Cash Flow - The net cash flow from operating activities was RMB 34,851,268.21, with a significant increase attributed to reduced expenses and employee bonuses[8] - In Q1 2024, the net cash flow from operating activities was 34,851,268.21, a significant improvement from -198,334,371.86 in Q1 2023[23] - Total cash inflow from operating activities was 1,380,453,113.82, compared to 1,524,539,434.51 in the same period last year, reflecting a decrease of approximately 9.4%[22] - Cash outflow from operating activities totaled 1,345,601,845.61, down from 1,722,873,806.37 in Q1 2023, indicating a reduction of about 21.9%[23] - The ending balance of cash and cash equivalents was 571,232,634.73, down from 1,106,405,377.17 at the end of Q1 2023, representing a decrease of approximately 48.3%[24] Assets and Liabilities - Total assets at the end of the reporting period were RMB 8,315,390,858.15, a decrease of 1.83% from the end of the previous year[5] - The company's total assets as of March 31, 2024, amounted to RMB 8,315,390,858.15, compared to RMB 8,470,008,293.83 as of December 31, 2023[16] - The company reported a total liability of CNY 1,188,057,942.06, down from CNY 1,486,581,550.49, indicating a decrease of approximately 20.0%[18] - The total equity attributable to shareholders increased to CNY 7,087,986,444.98 from CNY 6,944,100,603.15, a growth of about 2.1%[18] Research and Development - Research and development expenses totaled RMB 95,741,342.10, accounting for 7.04% of operating revenue, which is an increase of 0.67 percentage points from the previous year[5] - Research and development expenses rose to CNY 95,741,342.10 from CNY 83,153,130.85, marking an increase of about 15.5%[19] Shareholder Information - The top ten shareholders held a total of 58.86% of the shares, with the largest shareholder owning 283,500,000 shares[9] - As of April 26, 2024, the company has repurchased a total of 3,040,219 shares, accounting for 0.6312% of the total share capital of 481,678,242 shares, with a total expenditure of RMB 203,975,735.27[14] Government Support and Investments - The company received government subsidies amounting to RMB 11,028,362.09, which are closely related to its normal business operations[6] - The company received 7,139,138.96 in investment income, an increase from 4,737,573.13 in Q1 2023, reflecting a growth of about 50.7%[23] - The company has established strategic partnerships for investment in medical ventures, indicating a focus on expanding its healthcare investment portfolio[12] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20]