HAOHAI BIOTEC(SH:688366) Xinda Securities·2024-03-09 16:00Investment Rating - The investment rating for the company is "Buy" based on its strong performance and growth potential in the market [1]. Core Views - The company achieved a revenue of 2.654 billion yuan in 2023, representing a year-on-year growth of 24.6%, and a net profit attributable to shareholders of 416 million yuan, which is a significant increase of 130.6% year-on-year [1]. - The medical beauty segment showed robust growth, with revenues reaching 1.057 billion yuan in 2023, up 41.27% year-on-year, driven by the strong performance of hyaluronic acid products [1]. - The company is expected to continue its growth trajectory with the anticipated approval of its fourth-generation organic cross-linked hyaluronic acid products, which will enhance its high-end product lineup [1]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.654 billion yuan, a 24.6% increase from the previous year, and a net profit of 416 million yuan, reflecting a 130.6% year-on-year growth [1][3]. - The gross margin for the company improved to 70.5% in 2023, up from 69.0% in 2022, indicating better cost management and product mix [1][3]. Product Segments - The hyaluronic acid product line generated 602 million yuan in revenue, marking a 95.54% increase year-on-year, with the Haimei brand contributing significantly to this growth [1]. - The company’s ophthalmology segment achieved revenue of 928 million yuan in 2023, a 20.57% increase, with strong performance in cataract surgery products [1]. - The orthopedic segment reported revenue of 476 million yuan, up 22.56% year-on-year, driven by the expansion of sodium hyaluronate injection services [1]. Future Outlook - The company is expected to maintain a strong growth trajectory with projected revenues of 3.1 billion yuan in 2024 and 3.617 billion yuan in 2025, reflecting a compound annual growth rate of approximately 16.8% [3]. - The anticipated approval of new high-end products and the expansion of existing product lines are expected to support continued revenue growth and profitability [1].