Investment Rating - The report assigns a rating of "Accumulate" with a target price of 267.98 RMB, down from a previous rating [3][8]. Core Insights - The company has shown significant growth in its main product, "Wei Yimei," with a sales team of 135 people covering approximately 2000 medical institutions by 2023. The collaboration with Shuyike on new products is expected to further enhance revenue [2]. - Revenue for 2023 reached 780 million RMB, a year-on-year increase of 100%, with a net profit of 300 million RMB, reflecting a growth of 174.6% [5][6]. - The company is actively expanding its product line, having obtained multiple medical device registrations and advancing several projects into clinical stages, including a broad-spectrum antiviral drug [2][3]. Financial Forecasts - Revenue projections for 2024-2026 are 1.141 billion RMB, 1.527 billion RMB, and 1.869 billion RMB, with corresponding growth rates of 46.2%, 33.8%, and 22.4% [3][7]. - Net profit forecasts for the same period are 456 million RMB, 639 million RMB, and 809 million RMB, with growth rates of 52.2%, 40.1%, and 26.6% [3][7]. - Earnings per share (EPS) are expected to be 6.70 RMB, 9.39 RMB, and 11.89 RMB for 2024, 2025, and 2026, respectively [3][7]. Product and Market Expansion - The company has successfully launched its flagship product, "Wei Yimei," which has driven a 250% increase in revenue from single-material medical devices to 565 million RMB in 2023 [6]. - The introduction of a new functional skincare product, "ProtYouth," has contributed to a 12% increase in overall revenue from functional skincare products [6]. - The company has entered the supply chain of L'Oréal, marking a significant milestone in its raw material revenue, which grew by 43% to 24.18 million RMB [6].
薇旖美逐季放量，2023全年业绩增速亮眼