Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company achieved a 44.9% year-on-year increase in net profit for 2023, with revenue reaching 3.524 billion yuan, reflecting a 49.0% growth despite industry pressures [4]. - The company is recognized as a leader in the collagen protein sector, with strong growth in skincare and upcoming III class medical products, justifying a reasonable valuation [4]. - The forecast for net profit from 2024 to 2026 is set at 1.748 billion yuan, 2.198 billion yuan, and 2.675 billion yuan respectively, with corresponding EPS of 1.76 yuan, 2.21 yuan, and 2.69 yuan [4]. Financial Performance - In 2023, the skincare segment generated revenue of 2.647 billion yuan, a 69.5% increase, while the overall revenue from the company was 3.524 billion yuan [5]. - The gross margin for 2023 was 83.6%, slightly down from the previous year, influenced by rising sales costs and product diversification [5]. - The company’s sales, management, and R&D expense ratios were 33.0%, 2.7%, and 2.1% respectively, with sales expenses slightly increasing due to online channel expansion [5]. Product and Market Strategy - The company is focusing on expanding its product offerings, with successful products like collagen sticks and plans to enhance its public channel construction [6]. - The company has secured 13 new patents in 2023 and has over 40 types of collagen molecules in its molecular library, maintaining a competitive edge [6]. - The company is actively expanding its multi-channel approach, utilizing both online and offline platforms to reach consumers [6].
港股公司信息更新报告：2023年归母净利润+45%，重组胶原龙头再创佳绩