Investment Rating - The report maintains a "Recommended" rating for the company [6][15]. Core Views - The company achieved a significant growth in 2023, with a 174.6% year-on-year increase in net profit attributable to shareholders, reaching 300 million yuan [5][6]. - The revenue for 2023 was 780 million yuan, reflecting a growth rate of 99.96% compared to the previous year [5][6]. - The company is expected to continue its growth trajectory, with projected revenues of 1.31 billion yuan, 1.81 billion yuan, and 2.26 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 67.9%, 37.8%, and 25.4% [6][16]. Financial Performance Summary - The company's gross profit margin for 2023 was 90.16%, an increase of 4.72 percentage points year-on-year [5][6]. - The net profit margin for 2023 was 38.28%, up by 10.37 percentage points from the previous year [5][6]. - The earnings per share (EPS) for 2023 was 4.40 yuan, with projections of 7.08 yuan, 10.10 yuan, and 13.05 yuan for the years 2024, 2025, and 2026 respectively [6][10]. Revenue Breakdown - Medical device products generated 680 million yuan in revenue, accounting for 87.1% of total revenue, with a year-on-year growth of 122.66% [5][6]. - Functional skincare products contributed 76 million yuan, with a growth of 12.00% year-on-year [5][6]. - The company has established a strategic partnership with L'Oréal, enhancing its market presence and driving revenue growth in raw materials [5][6]. Future Outlook - The company is focusing on innovation in product development, particularly in the field of recombinant collagen products, which are expected to drive future revenue growth [5][6]. - The company has a robust pipeline of products in clinical stages, indicating strong future growth potential [5][6]. - The brand's influence is expected to increase through strategic marketing initiatives, including collaborations with international brands [5][6].
2023年年报点评：薇旖美产品系列持续拉动增长，23年归母净利润同比+174.6%