获批越南医疗器械注册证，领先布局医美出海

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has recently obtained a medical device registration certificate in Vietnam, marking a significant step in its international expansion strategy. The product, branded as Ayouth, is aimed at facial dermal tissue filling to correct dynamic wrinkles [3][4] - Vietnam's medical device market is highly promising, with a population of approximately 100 million and a market size of $1.68 billion in 2022, growing at a compound annual growth rate (CAGR) of 10.2% [3][4] - The company is a leader in the domestic collagen market and is expanding its product offerings internationally, which is expected to significantly boost long-term growth and performance [4] Financial Summary - The company is projected to achieve revenues of 1.4 billion, 1.87 billion, and 2.41 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 730 million, 981 million, and 1.27 billion yuan [4][5] - Revenue growth rates are expected to be 79.8%, 33.3%, and 28.6% for the years 2024, 2025, and 2026, respectively [5] - The company's earnings per share (EPS) are forecasted to be 8.28, 11.09, and 14.29 yuan for the years 2024, 2025, and 2026, respectively [5]