高端玻尿酸快速增长，眼科产品研发有序推进

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price not specified [9] Core Insights - The company reported a revenue of 2.654 billion yuan in 2023, representing a year-on-year growth of 24.59% - The net profit attributable to the parent company reached 416.12 million yuan, a significant increase of 130.58% year-on-year - The gross margin for 2023 was 70.46%, an increase of 1.51 percentage points compared to the previous year, driven by the rising revenue share of high-margin hyaluronic acid products [6][7][15] Financial Performance Summary - Revenue growth was primarily fueled by the sales of hyaluronic acid products, which generated 602 million yuan, up 95.54% year-on-year - The revenue from artificial lens products was 382 million yuan, reflecting a 37% increase, attributed to the recovery in cataract surgeries and centralized procurement policies - The revenue from sodium hyaluronate injection products was 314 million yuan, a growth of 20.83%, supported by the company's leading position in orthopedic joint cavity viscoelastic supplements [6][7] Cost and Expense Analysis - The sales expense ratio was 30.69%, down 1.21 percentage points year-on-year - The management expense ratio was 15.74%, down 3.14 percentage points year-on-year - The R&D expense ratio was 8.29%, down 0.26 percentage points year-on-year [7] Future Outlook - The company plans to focus on the registration and clinical trials of several key projects in 2024, including advanced artificial lenses and new-generation products [6][7] - Revenue forecasts for 2024-2026 are projected at 2.572 billion yuan, 3.123 billion yuan, and 3.695 billion yuan respectively, with net profits expected to be 436.33 million yuan, 556.89 million yuan, and 665.12 million yuan [15][19]