Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 282.96 CNY [7][14]. Core Insights - The company achieved significant revenue growth in 2023, with total revenue reaching 780 million CNY, a year-on-year increase of 99.96%, and a net profit of 300 million CNY, up 174.60% year-on-year [5][14]. - The gross profit margin improved to 90.16%, an increase of 4.72 percentage points, primarily due to the higher margin products in the medical device segment [6][14]. - The company has established a strong sales team of 135 people, covering approximately 2000 end customers, which supports its growth strategy [3]. Financial Performance - In 2023, the company's medical device revenue was 680 million CNY, a remarkable increase of 122.66%, with a gross margin of 93.18% [3]. - The single-material medical devices, including the Wei Yi Mei implant, generated 565 million CNY in revenue, reflecting a growth of 254.65% [3]. - The company reported a net profit margin of 38.42% for the year, with a quarterly net profit margin of 40.85% in Q4 2023 [6]. Future Growth Projections - The company is expected to maintain robust growth, with projected revenue growth rates of 55.8%, 36.5%, and 34.3% for 2024 to 2026, respectively [14]. - Net profit growth is anticipated to be 60.7%, 41.2%, and 39.7% for the same period, indicating strong profitability potential [14]. Market Position and Strategy - The company has successfully entered the supply chain of L'Oréal Group and launched a flagship product in collaboration with SkinCeuticals, enhancing its market presence [3]. - The establishment of the high-end brand ProtYouth is aimed at expanding the product matrix in the functional skincare segment [3].
大单品表现亮眼，2023年业绩持续高增