Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][6]. Core Insights - The company's stock price rose by 8.47% to HKD 3.11, with a cumulative increase of 16.53% from March 10 to March 14, driven by positive fundamentals and improved market sentiment [2]. - The company has demonstrated strong online sales growth, particularly for its key products, with sales for its flagship products showing year-on-year increases of 98% for "可复美" and 84% for "可丽金" [2]. - The company is expected to launch medical aesthetic products by mid-2024, leveraging its strong R&D capabilities and established distribution channels [2][3]. Financial Performance Summary - The company’s revenue is projected to grow from RMB 2,364 million in 2022 to RMB 6,143 million by 2025, reflecting a compound annual growth rate (CAGR) of approximately 30.49% [4]. - The net profit attributable to the parent company is expected to increase from RMB 1,002 million in 2022 to RMB 2,216 million by 2025, with growth rates of 39.62%, 25.07%, and 26.64% for the years 2023, 2024, and 2025 respectively [4][5]. - The report forecasts a price-to-earnings (P/E) ratio of 27, 22, and 17 for the years 2023, 2024, and 2025, respectively, indicating a favorable valuation trend [3][4].
3.8大促亮眼收官，情绪面回暖、重申推荐逻辑