Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 41.95 HKD [2]. Core Insights - The company has achieved a technological breakthrough in the high-temperature stable triple helix structure of recombinant human collagen, enhancing its R&D leadership in the field [1]. - The launch of the new "胶卷面霜" (Collagen Cream) under the 可丽金 brand signifies the initial formation of the "胶卷系列" (Collagen Series), targeting the mid-to-high-end market with multifunctional skincare products [1]. - The company is well-positioned for growth in the recombinant collagen sector, with a rich product line in cosmetics and anticipated approvals for two Class III medical devices in 2024 [1]. Financial Forecast and Key Metrics - Projected revenue growth rates are 52.3% for 2023, 45.0% for 2024, and 30.7% for 2025, reaching revenues of 2,364 million, 3,430 million, and 4,483 million respectively [2][6]. - Adjusted net profit is expected to be 1,002 million in 2023, 1,372 million in 2024, and 1,731 million in 2025, with growth rates of 21.0%, 36.9%, and 26.2% respectively [2][6]. - The earnings per share (EPS) is projected to increase from 1.01 in 2023 to 2.11 in 2025, with corresponding P/E ratios of 38, 28, and 22 [2][6]. Product Development and Market Position - The company has developed over 40 types of recombinant collagen, with a strong focus on R&D for over 20 years, which solidifies its leading position in the market [1]. - The introduction of the "胶卷面霜" complements the previously launched "胶卷眼霜" (Collagen Eye Cream), enhancing the product matrix to meet consumer demands for anti-aging solutions [1]. - The company plans to launch two Class III medical devices in 2024, further expanding its product offerings in the medical aesthetics sector [1].
事件点评：技术上突破高温紧密三螺旋结构，可丽金上新“胶卷面霜”，看好长期发展潜力