Investment Rating - The report assigns a "Buy - A" investment rating to the company, maintaining this rating with a 6-month target price of 297.72 CNY [4][10]. Core Insights - The collaboration with SkinCeuticals, a high-end brand under L'Oréal, aims to launch a flagship injectable beauty product targeting skin issues related to collagen loss after the age of 25 [2]. - The new product, a recombinant type III humanized collagen solution, received regulatory approval in August 2023 and is designed for facial dermal filling to correct dynamic wrinkles [8]. - The partnership is expected to enhance the company's industry position, consumer recognition, and channel penetration, leveraging the brand's international reputation [9]. Financial Summary - The company’s projected revenue growth rates for 2024 and 2025 are 56.1% and 35.7%, respectively, with net profit growth rates of 69.5% and 32.7% [10]. - The financial forecasts indicate a significant increase in revenue from 780.4 million CNY in 2023E to 1,218.6 million CNY in 2024E, and net profit rising from 299.0 million CNY in 2023E to 506.8 million CNY in 2024E [7]. - The earnings per share (EPS) is expected to grow from 4.39 CNY in 2023E to 7.44 CNY in 2024E, reflecting strong profitability [7]. Market Performance - The company's stock price as of March 8, 2024, was 243.27 CNY, with a 12-month price range of 112.6 to 299.98 CNY [4]. - The total market capitalization is reported at 16,563.28 million CNY, with a circulating market cap of 5,779.73 million CNY [4].
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