Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future stock performance relative to the market benchmark [2][8]. Core Insights - The company is positioned as a leading functional protein enterprise in China, focusing on a comprehensive layout of recombinant collagen products and the HPV biological protein industry chain [2]. - The company has introduced the "3+17" full-course anti-aging treatment plan, utilizing 100% human-derived collagen types III and XVII, which covers multiple skin layers for enhanced efficacy [1]. - The company has seen significant growth in its financial forecasts, with expected net profits for 2023-2025 revised to 300 million, 499 million, and 690 million yuan, respectively, reflecting growth rates of 174.6%, 66.5%, and 38.2% [2][8]. Financial Performance - The company anticipates a revenue of 780 million yuan for 2023, representing a year-on-year increase of 99.96%, with a net profit of 300 million yuan, up 174.61% [8]. - The projected financials for 2024 and 2025 show continued growth, with revenues expected to reach 1.29 billion yuan and 1.78 billion yuan, respectively [8]. - The company's gross margin is projected to improve from 85.44% in 2022 to 90.59% by 2025, indicating strong operational efficiency [5]. Product Development - The company is progressing well with its research and development projects, including the recombinant type III human-derived collagen freeze-dried fiber, which has been submitted for regulatory approval [9]. - A strategic shift in fundraising has been announced, focusing on expanding the R&D of recombinant type III collagen and exploring other types of collagen for various clinical applications [9].
2023年业绩快报点评：业绩快报接近预告上沿，薇旖美升级“3+17”治疗方案