多元化管线驱动稳增，逐步强化平台化能力

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's 2023 performance met expectations, with revenue and net profit increasing by 48% and 47% year-on-year, respectively. The revenue reached 2.869 billion yuan, while the net profit was 1.858 billion yuan [1][2] - The company has a diversified product line that supports steady growth, with a focus on enhancing platform capabilities. The product lines include solution-type injection products and gel-type injection products, both showing significant revenue growth [1][2] - The company is expanding its pipeline and external layout, particularly in weight management and energy source equipment, with several projects in various stages of development [2] Financial Performance - In 2023, the company achieved a gross margin of 95.09%, a slight increase of 0.25 percentage points year-on-year. The sales, management, financial, and R&D expense ratios were 9.07%, 5.03%, -1.89%, and 8.72%, respectively [1][3] - The company plans to distribute a cash dividend of 23.23 yuan per 10 shares, totaling 500 million yuan, and will increase its capital stock by 4 shares for every 10 shares held [1] - Revenue projections for 2024-2026 are set at 3.954 billion, 5.274 billion, and 6.761 billion yuan, with net profits expected to be 2.504 billion, 3.308 billion, and 4.181 billion yuan, respectively [2][3] Product Line and Market Position - The solution-type injection products generated 1.671 billion yuan in revenue, accounting for 58.2% of total revenue, while gel-type injection products brought in 1.158 billion yuan, representing 40.3% of total revenue [1] - The company has significantly expanded its market presence, covering nearly 7,000 medical beauty institutions by the end of 2023, up from about 5,000 at the end of 2022 [1] Pipeline and Strategic Partnerships - The company currently holds 8 Class III medical device registration certificates and has multiple projects in development, including products for weight management and energy source equipment [2] - Collaborations with other firms, such as the partnership with Jeisys for energy source equipment, are part of the company's strategy to enhance its product offerings [2]