Investment Rating - The investment rating for the company is "Buy" [10][11]. Core Insights - The company reported a revenue of 780 million yuan in 2023, representing a year-on-year growth of 99.96%, and a net profit attributable to the parent company of 300 million yuan, which is a 174.61% increase year-on-year [10][11]. - The high growth in performance is attributed to the rapid expansion of the "Wei Yi Mei" product line and an increase in the revenue share from medical beauty products, which has led to an improvement in overall gross margin [10][11]. - The company is expected to continue its strong growth trajectory in 2024, with ambitious sales targets for the "Wei Yi Mei" series and the introduction of new products aimed at women's intimate care and facial volume enhancement [10][11]. Financial Summary - The company’s financial projections for 2023-2025 indicate net profits of 300 million, 450 million, and 621 million yuan respectively, with a projected PE ratio of 36 times for 2024 [11]. - The gross margin is expected to improve, with estimates of 87.1% in 2023, 88.6% in 2024, and 89.5% in 2025 [21]. - The return on equity (ROE) is projected to be 31.4% in 2023, 32.0% in 2024, and 30.6% in 2025 [21].
23年业绩快报点评：归母净利同比增长174.61%，重组胶原高景气持续兑现