Investment Rating - The report maintains a "Buy" rating for the company, with an expected investment return exceeding 15% over the next 6-12 months [4][6]. Core Insights - The company has achieved significant growth in its medical aesthetics business, leading to improved profitability, with a gross margin of 90.2% and a net margin of 38.3% in 2023, reflecting year-on-year increases of 4.7 percentage points and 10.4 percentage points, respectively [3][19]. - The company has established a strong position in the recombinant collagen market, holding two of the only three class III medical device certifications for recombinant human collagen in China, and has initiated a collaboration with L'Oréal [4][28]. - Revenue for 2023 reached 780 million yuan, a 100% increase year-on-year, with a net profit of 300 million yuan, up 174.5% [27]. Summary by Sections Financial Performance - The company reported a revenue of 780 million yuan in 2023, with a year-on-year growth rate of 99.96%. The net profit for the same period was 300 million yuan, reflecting a growth rate of 174.60% [12][27]. - The gross margin for 2023 was 90.2%, with a net margin of 38.3%, indicating strong profitability [3][19]. Business Segments - The medical device segment generated revenue of 680 million yuan, a 122.7% increase year-on-year, driven by the sales of recombinant collagen products [19]. - The functional skincare segment achieved revenue of 75.93 million yuan, up 12.0%, while the raw materials segment reported revenue of 24.18 million yuan, a 42.9% increase [19]. Future Projections - The company expects to achieve net profits of 482 million yuan and 699 million yuan in 2024 and 2025, respectively, with an estimated EPS of 7.08 yuan and 10.27 yuan for those years [4][12]. - The report projects a continued increase in revenue, forecasting 1.194 billion yuan in 2024 and 1.678 billion yuan in 2025, with growth rates of 53.05% and 40.51%, respectively [12].
2023年年报点评：2023年医美产品放量，驱动公司业绩继续高增