Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong growth in its effective skincare product segment, with revenue reaching 3.508 billion yuan in 2023, a year-on-year increase of 51.1%. The effective skincare products alone generated 2.647 billion yuan, up 69.5%, accounting for 75.1% of total revenue, reflecting a 9.1 percentage point increase [5] - The direct-to-consumer (DTC) online sales channel achieved revenue of 2.155 billion yuan, a 77.5% increase year-on-year, indicating robust brand building and operational capabilities [6] - The company has successfully expanded its collagen product lines and is positioned to benefit from the high growth potential in the collagen market, with projected revenues of 4.869 billion yuan and 6.428 billion yuan for 2024 and 2025, respectively [8] Revenue Performance - In 2023, the company achieved total revenue of 3.524 billion yuan, a 49.0% increase year-on-year, with a net profit of 1.452 billion yuan, up 44.9% [7] - The effective skincare segment's revenue growth is supported by a significant increase in online sales, particularly through platforms like Tmall and Douyin [6] Financial Metrics - The company's gross margin decreased slightly by 0.8 percentage points to 83.6% due to increased sales costs and product line expansion [8] - The adjusted net profit for 2023 was 1.469 billion yuan, reflecting a 39.0% year-on-year growth [7] Market Position - The company is strategically positioned in the high-growth collagen market, with expectations for its medical-grade business to increase its revenue share [8] - The report anticipates that the company will achieve a comprehensive product coverage in the medical beauty sector with the approval of two new medical device products in 2024 [8]
2023年年报点评：可复美明星单品增势强劲，看好胶原蛋白“医美级”业务发展前景