Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its performance and growth potential [18]. Core Insights - The company achieved a revenue of 1.38 billion, reflecting a year-on-year increase of 1111%, with Q4 2023 revenue reaching 0.73 billion, up 1051% year-on-year [18]. - The hair care segment generated 0.96 billion in revenue, accounting for approximately 70% of total revenue, with significant contributions from the flagship product, the French small white tube, which represented 73% of hair product sales [18]. - The skincare line contributed 0.41 billion, making up about 30% of total revenue, primarily driven by the addition of the high-efficacy skincare brand, Ouma, in September 2023 [18]. - The company is progressing steadily with its pipeline, with key products expected to receive approval soon, including topical minocycline for acne and topical finasteride for hair loss, which are anticipated to be approved in H2 2024 and 2025, respectively [18]. - The net loss for 2023 was 19.64 billion, largely attributed to one-time factors, including fair value losses on convertible redeemable preferred shares and listing expenses [18]. - The company's stock held by Hong Kong Stock Connect has been increasing, with a notable rise from approximately 2-3% at the beginning of 2024 to 7.1% by March 28, 2024, indicating growing market interest [18]. - The investment recommendation highlights the company's strong revenue performance and the potential for significant contributions from upcoming product approvals [18].
年年报点评:优异商业化能力推动毛发&护肤管线持续增长,核心管线获批可期