Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.51 HKD, indicating an expected upside of over 20% in the next six months [4][12]. Core Insights - The company reported a 45% year-on-year increase in profit for 2023, with revenue reaching 3.524 billion RMB, a 49% increase. The adjusted net profit is projected at 1.8 billion RMB for 2024, reflecting strong growth potential in the recombinant collagen market [1][2]. - The company is well-positioned in the high-growth recombinant collagen sector, with a robust product pipeline and successful commercialization strategies [2][4]. Financial Performance - In 2023, the company achieved a revenue of 3.524 billion RMB, up 49% year-on-year, and a net profit of 1.452 billion RMB, up 45% year-on-year. The gross margin was 83.6%, and the net margin was 41.2% [1][3]. - Revenue projections for 2024, 2025, and 2026 are 4.598 billion RMB, 5.942 billion RMB, and 7.251 billion RMB, respectively, with corresponding net profits of 1.733 billion RMB, 2.204 billion RMB, and 2.753 billion RMB [3][10]. Market Position and Product Development - The company has successfully developed a comprehensive product matrix, with significant sales growth in its flagship brand, Kefu Mei, which saw a 73% increase in revenue [1][2]. - The company is advancing its research and development efforts, with over 40 types of recombinant collagen products in the pipeline, expected to receive regulatory approval in the near future [2][4]. Shareholder Returns - The company announced a special dividend and final dividend totaling 880 million RMB, marking a 61% payout ratio, which is the first since its listing [1][4].
23年利润+45%超预期，看好重组胶原蛋白龙头成长空间