Investment Rating - The investment rating for the company is "Buy" (maintained) [13]. Core Views - The company is expected to see significant growth in its medical beauty business, supported by a comprehensive industry chain and material platform value [7]. - The company reported a revenue of 780 million yuan for 2023, a 100% year-on-year increase, and a net profit of 300 million yuan, reflecting a 174.6% increase [13]. - The company has a strong product lineup, with the medical device segment contributing 87.1% of total revenue, and the flagship product, Wei Yi Mei, showing rapid sales growth [13]. Summary by Sections Financial Performance - Total revenue for 2023 was 780 million yuan, with a net profit of 300 million yuan, and a significant increase in earnings per share to 4.40 yuan [9][10]. - The gross profit margin for 2023 was 90.2%, an increase of 4.7 percentage points year-on-year, with a net profit margin of 38.4%, up 10.4 percentage points [13]. Revenue Breakdown - Medical devices generated 565 million yuan, a 254.7% increase, with Wei Yi Mei contributing approximately 490 million yuan [13]. - Functional skincare products saw revenue of 17 million yuan, a 65.3% increase, while raw materials and others generated 24 million yuan, a 42.9% increase [13]. Future Outlook - The company is expected to maintain strong growth in the medical beauty sector, with a projected net profit of 506 million yuan for 2024 and 678 million yuan for 2025 [13]. - The company is focusing on expanding its product matrix and enhancing its market presence through strategic partnerships and innovative product development [13].
医美业务高增可期，看好公司全产业链+材料平台价值