Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [12]. Core Views - The company reported a revenue of 780 million yuan in 2023, representing a year-on-year increase of 99.97%, and a net profit attributable to the parent company of 300 million yuan, up 174.6% year-on-year [17]. - The company is positioned as a leader in collagen products, with expectations for continued high growth driven by breakthroughs in collagen technology and strong partnerships, particularly in the medical aesthetics sector [18]. Financial Performance - Revenue growth by product in 2023: - Medical devices revenue reached 680 million yuan, up 122.7%, with single-material medical devices contributing 570 million yuan, a 254.7% increase [14]. - Functional skincare revenue was 76 million yuan, a 12% increase, driven by the introduction of a new product [14]. - Raw materials and others generated 24 million yuan, up 42.9%, with a strategic partnership with L'Oréal marking a significant milestone [14]. - The company achieved a gross margin of 90.16% in 2023, an increase of 4.7 percentage points year-on-year [28]. Financial Metrics - The company’s net profit margin for 2023 was 38.42%, with a return on equity (ROE) of 31.44% [7]. - The projected net profit for 2024-2026 is estimated at 460 million, 650 million, and 850 million yuan respectively, with corresponding price-to-earnings ratios of 33, 23, and 18 [18]. - The company’s total assets increased from 815.52 million yuan in 2022 to an estimated 1,880.11 million yuan in 2024 [13][22]. Market Position - The company has established a strong sales team of 135 members, covering approximately 2,000 end-user institutions, enhancing its market reach [14]. - The partnership with L'Oréal is expected to enhance the company's position in the international supply chain for raw materials [14].
2023年归母净利润同增175%，业务多点开花，看好胶原蛋白龙头