Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue growth of 49.0% in 2023, with a net profit growth of 44.9%, exceeding market expectations [2][3] - The company is recognized as a global leader in restructured collagen, with significant growth in its core product lines [3] - The direct sales channel continues to grow, contributing to a strong performance during promotional events [3] - The company maintains a high gross margin of 83.6%, despite a slight decline due to product diversification [3][4] Financial Performance Summary - In 2023, the company reported total revenue of 3.524 billion yuan, with a net profit of 1.452 billion yuan [2] - The revenue growth rates for 2023 were 63.0% in the first half and 39.1% in the second half [2] - The company forecasts net profits of 1.723 billion yuan for 2024, 2.157 billion yuan for 2025, and 2.561 billion yuan for 2026, with respective growth rates of 19%, 25%, and 19% [4] Product and Market Expansion - The company’s core brand, "Kefumei," saw a revenue increase of 72.9% in 2023, while "Keli Jin" remained stable [3] - The company launched new products in 2024, including collagen masks and creams, to further enhance its product portfolio [3] - Direct sales accounted for 68.7% of total revenue in 2023, reflecting a 9.4 percentage point increase year-on-year [3] Valuation Metrics - The current market valuation corresponds to a P/E ratio of 23 for 2024, 18 for 2025, and 15 for 2026 [4][10] - The company’s return on equity (ROE) is projected to decline from 40.2% in 2023 to 26.9% by 2026 [10]
2023年年报点评：全球重组胶原领导者，核心单品持续放量