Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [4]. Core Insights - The company is expected to benefit from the launch of the "倍护系列" (Double Protection Series), which fills a gap in home care products and supports a comprehensive anti-aging system. This series includes advanced collagen products that cater to various skincare needs [4]. - The company has a strong research and development foundation, with the new product series expected to enhance customer acquisition and retention. The market for functional skincare and medical aesthetics is expanding, providing significant growth opportunities [4]. - The company's revenue and profit forecasts for 2024-2026 have been revised upwards, with net profits projected at 5.50 billion, 7.32 billion, and 9.83 billion yuan respectively, reflecting a robust growth trajectory [4]. Financial Summary - The company reported total revenue of 780 million yuan in 2023, with projections of 1.33 billion yuan for 2024, 1.78 billion yuan for 2025, and 2.37 billion yuan for 2026, indicating a compound annual growth rate of approximately 33.1% from 2024 to 2026 [15][18]. - The net profit for 2023 was 300 million yuan, with expectations of 550 million yuan in 2024, 732 million yuan in 2025, and 983 million yuan in 2026, showcasing a strong growth rate of 83.4% in 2024 [15][18]. - The company's gross margin is projected to remain high, around 92%, indicating strong pricing power and cost management [15].
锦波生物：薇旖美品牌破圈，势能向上，上调24年业绩预测