GF SECURITIES·2024-02-25 16:00Investment Rating - The report assigns a "Buy" rating for both A-shares and H-shares of the company, with a target price of 119.5 CNY for A-shares and 54.1 HKD for H-shares [2][11]. Core Views - The company has reported a strong growth in annual performance for 2023, with revenue expected to be in the range of 3.83 to 3.83 billion CNY, representing a year-on-year increase of 4-4.3 billion CNY [2][4]. - The net profit attributable to the parent company is projected to be 4.16 billion CNY, showing a year-on-year growth of 130.58% [2][4]. - The company has maintained stable operations, particularly in the aesthetic medicine segment, with significant sales performance in hyaluronic acid products [2][4]. - The company has developed a comprehensive product matrix covering four major business areas, including hyaluronic acid fillers and laser equipment, with ongoing research and development efforts [2][4]. Financial Summary - Revenue for 2023 is expected to reach 2,654 million CNY, with a growth rate of 24.6% compared to the previous year [2][7]. - The net profit for 2023 is projected at 416 million CNY, reflecting a growth rate of 130.3% [2][7]. - Earnings per share (EPS) for 2023 is estimated to be 2.42 CNY, with a corresponding price-to-earnings (P/E) ratio of 43.23 [2][7]. - The company’s EBITDA is expected to be 594 million CNY for 2023, indicating a significant increase from previous years [2][7].