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华熙生物(688363):医美稳步推进渠道及产品拓展,护肤加速变革

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [11]. Core Insights - The company reported a revenue of 5.371 billion yuan in 2024, a decrease of 11.61% year-on-year, with a net profit attributable to shareholders of 174 million yuan, down 70.59% [12][13]. - The medical beauty segment is experiencing rapid growth, while the skincare segment is undergoing adjustments [13][16]. - The company plans to distribute a cash dividend of 1.10 yuan per 10 shares (tax included) [12]. Financial Performance Summary - Revenue breakdown for 2024 includes: - Raw material products: 1.236 billion yuan, accounting for 23.02% of total revenue, up 9.47% [13]. - Medical terminal products: 1.440 billion yuan, accounting for 26.80%, up 32.03% [13]. - Skin science innovation conversion business: 2.569 billion yuan, accounting for 47.84%, down 31.62% [13]. - Other products: 116 million yuan, up 17.81% [13]. - The company’s gross margin for 2024 was 74.07%, an increase of 0.75 percentage points, while the net profit margin was 3.24%, a decrease of 6.51 percentage points [15]. Expense Analysis - The overall expense ratio for 2024 was 66.69%, an increase of 4.97 percentage points [14]. - Sales expense ratio decreased to 45.88%, while management expense ratio increased to 12.26% due to organizational adjustments [14]. - R&D expense ratio rose to 8.68%, reflecting an increase in R&D projects and associated costs [14]. Future Projections - Revenue projections for 2025-2027 are estimated at 5.782 billion yuan, 6.646 billion yuan, and 7.818 billion yuan, respectively [14][17]. - Net profit projections for the same period are 457 million yuan, 634 million yuan, and 808 million yuan, respectively [14][17]. - Corresponding price-to-earnings (PE) ratios are expected to be 51x, 36x, and 29x for 2025, 2026, and 2027, respectively [14][17].