HAOHAI BIOTEC(SH:688366) Soochow Securities·2024-03-10 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15]. Core Insights - The company's hyaluronic acid product line has achieved rapid growth, with sales revenue reaching 602 million yuan in 2023, a year-on-year increase of 95.54%. The third-generation "Haimi" product alone generated over 230 million yuan, growing by 129.32% year-on-year. The fourth-generation organic cross-linked hyaluronic acid product has completed domestic clinical trials and is expected to drive further growth upon its launch [2]. - The ophthalmology segment also showed strong performance, with main business revenue of 928 million yuan in 2023, up 20.57% year-on-year. The artificial lens and ophthalmic viscoelastic devices benefited from the recovery in cataract surgeries, with revenues increasing by 37% and 29% respectively. The high-end bifocal artificial lens product SBL-3 saw a sales increase of 69.37% year-on-year [4][15]. Financial Performance - In 2023, the company achieved total revenue of 2.654 billion yuan, representing a year-on-year growth of 24.59%. The net profit attributable to the parent company was 416.12 million yuan, a significant increase of 130.58% year-on-year. The fourth quarter alone saw revenue of 672 million yuan, up 22.74%, and net profit of 89 million yuan, up 377.12% [14][15]. - The company's earnings per share (EPS) for 2023 was 2.43 yuan, with projected EPS of 2.98 yuan for 2024 and 3.69 yuan for 2025 [14]. Market Data - The closing price of the company's stock is 104.22 yuan, with a market capitalization of 17.871 billion yuan. The price-to-earnings (P/E) ratio is currently 42.95 [7][14]. Future Projections - The company is expected to continue its growth trajectory, with projected revenues of 3.097 billion yuan in 2024 and 3.600 billion yuan in 2025. The net profit is expected to reach 510.54 million yuan in 2024 and 632.16 million yuan in 2025 [14][15].