业绩快速增长，凝胶类产品表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 396 CNY per share, indicating a potential upside from the current price of 338.60 CNY [5][3]. Core Insights - The company reported a significant year-on-year increase in net profit of 47.08% for 2023, with total sales revenue reaching 2.869 billion CNY (up 47.99% YoY) and net profit attributable to shareholders at 1.858 billion CNY [2][3]. - The gel product line, particularly the "Ruhai Angel" series, has shown remarkable growth, contributing to a sales revenue of 1.158 billion CNY (up 81.43% YoY) [2]. - Research and development investments increased by 44.49% in 2023, with several projects progressing through various stages of development, including products aimed at correcting chin retraction and new injectables [2]. Financial Summary - The company achieved a gross margin of 95.09% and a net margin of 64.65% in 2023, with slight declines of 0.21 percentage points and 0.58 percentage points respectively compared to the previous year [2]. - Forecasted earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 11.31 CNY, 15.03 CNY, and 19.40 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 29.93, 22.52, and 17.46 [3][4]. - The company’s revenue is expected to grow from 3.822 billion CNY in 2024 to 6.472 billion CNY by 2026, reflecting growth rates of 33.2% and 28.5% respectively [4][11].