Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [2][3][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 780.24 million and net profit at 299.80 million, reflecting year-on-year growth of 100% and 174.61% respectively [1][13]. - The company is focused on the production and research of functional proteins, particularly in the beauty and health sectors, targeting both aesthetic and reproductive health [2]. - Short-term growth is expected from the launch of three medical devices under the brand Wei Yi Mei, which is anticipated to drive major profits [2]. - Long-term prospects are bolstered by capacity expansion, a rich pipeline of products in development, and a strong brand-building strategy aimed at capturing consumer awareness in the collagen regeneration market [2][7]. Financial Performance Summary - For 2023, the company achieved a revenue of 780.24 million, with a projected growth rate of 99.96% for 2024 and 38.00% for 2025 [15]. - The net profit for 2023 is projected at 299.80 million, with expected growth rates of 54.49% in 2024 and 39.66% in 2025 [15]. - The company’s earnings per share (EPS) is forecasted to be 4.40 in 2023, increasing to 6.80 in 2024 and 9.50 in 2025 [15]. - The price-to-earnings (P/E) ratio is expected to decrease from 53.70 in 2023 to 24.89 by 2025, indicating improving valuation metrics as earnings grow [15]. Market Position and Trends - The company has been included in the North Exchange 50 Index, which is expected to enhance its liquidity and validate its operational strength [7]. - The beauty and medical aesthetics industry is experiencing upward trends, with high-margin products expected to improve the company's profitability [2].
2023年归母净利润同增175%，贴近业绩预告上限，超市场预期！