业绩符合预期，产品管线丰富

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 338.60 CNY [1]. Core Insights - The company's performance in 2023 met expectations, with total revenue reaching 2.87 billion CNY, a year-on-year increase of 48%, and a net profit attributable to shareholders of 1.86 billion CNY, up 47.1% year-on-year [2]. - The gross margin remained stable, increasing slightly to 95.1%, while the net profit margin decreased to 64.6% [2]. - The product matrix is diversified, with a steady increase in market share, particularly in solution and gel injection products [2]. - The company continues to expand its product pipeline, with significant R&D investment and a rich reserve of products in development [2]. - Earnings forecasts for 2024-2026 predict net profits of 2.67 billion CNY, 3.33 billion CNY, and 4 billion CNY, respectively, with EPS of 12.34 CNY, 15.39 CNY, and 18.50 CNY [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.87 billion CNY, a 48% increase year-on-year, and a net profit of 1.86 billion CNY, reflecting a 47.1% growth [2]. - The gross margin for 2023 was 95.1%, up 0.2 percentage points from the previous year, while the net profit margin decreased by 0.7 percentage points to 64.6% [2]. Product Development - The company reported a revenue of 1.67 billion CNY from solution injection products, a 29.2% increase year-on-year, and 1.16 billion CNY from gel injection products, an 81.4% increase year-on-year [2]. - R&D expenses for 2023 were 250 million CNY, representing 8.7% of total revenue, with 26.7% of the workforce dedicated to R&D [2]. Future Projections - Revenue projections for 2024-2026 are 4 billion CNY (up 39.6%), 5.14 billion CNY (up 28.4%), and 6.41 billion CNY (up 24.8%) [6]. - The net profit forecasts for the same period are 2.67 billion CNY (up 43.7%), 3.33 billion CNY (up 24.7%), and 4 billion CNY (up 20%) [6].