Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in its core products, with the launch of injection products imminent [1] - The brand "可复美" has matured in the medical dressing market, continuing to drive sales growth [1] - The company is leading the standardization of recombinant collagen protein, which is expected to benefit from a healthy competitive environment [1] - The upcoming launch of injection products is anticipated to accelerate the market penetration of its three-helix feature products [1] Financial Performance - In 2023, the company achieved revenue of 35.24 billion HKD, a year-on-year increase of 49.0%, and a net profit of 14.52 billion HKD, up 44.9% [1] - Adjusted net profit reached 14.69 billion HKD, reflecting a growth of 39.0% [1] - The core brand "可复美" generated revenue of 27.88 billion HKD, a 72.9% increase, accounting for 79.1% of total revenue [1] - The company expects continued high growth in net profit for 2024-2026, with projections of 19.22 billion HKD, 24.21 billion HKD, and 30.16 billion HKD respectively, representing year-on-year growth rates of 32%, 26%, and 25% [2][3] Product Development - The company has successfully launched multiple new products, including "可复美胶原乳" and "可复美次抛," which have received positive market feedback [1] - The company plans to obtain medical device certifications for two Class III products in mid-2024 and early 2025 [1] Market Position - The company holds a leading position in the recombinant collagen protein market, benefiting from its strong brand recognition and diverse product matrix [2] - The company's two main brands, "可复美" and "可丽金," accounted for over 96% of total revenue in 2023, indicating a strong dual-driver strategy for performance enhancement [1]
核心单品高速成长，注射产品上市在即