Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a revenue of 3.524 billion yuan in 2023, representing a year-on-year growth of 49.05%. The net profit attributable to the parent company was 1.452 billion yuan, up 44.88% year-on-year, with an adjusted net profit of 1.469 billion yuan, reflecting a 39.03% increase. The diluted EPS was 1.48 yuan, marking a 51.02% growth. The company plans to distribute a dividend of 0.44 yuan per share (tax included) and a special dividend of 0.45 yuan per share (tax included) [4][6][9] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 3.524 billion yuan, a 49.05% increase from the previous year. The net profit attributable to the parent company was 1.452 billion yuan, up 44.88%, and the adjusted net profit was 1.469 billion yuan, reflecting a 39.03% increase. The diluted EPS was 1.48 yuan, a growth of 51.02% [4][6][9] - The gross profit margin decreased by 0.76 percentage points to 83.63% due to the expansion of product lines from medical dressings to skincare products [4][5] Product and Brand Performance - The professional skin care segment generated 3.508 billion yuan in revenue, a 51.10% increase, accounting for 99.55% of total revenue. The efficacy skincare products contributed 2.647 billion yuan, growing 69.52% and representing 72.12% of the main business revenue [4][5] - The company's main brand, "可复美," generated 2.788 billion yuan, a 72.86% increase, while "可丽金" saw a slight decline in revenue to 103 million yuan, down 0.29% [4][5] Sales Channels - Direct sales through online DTC channels reached 2.155 billion yuan, a 77.49% increase, accounting for 61.14% of main business revenue. Online e-commerce platforms contributed 178 million yuan, up 42.57% [4][10] - The company has expanded its offline presence, covering approximately 1,500 public hospitals and 2,500 private hospitals and clinics by the end of 2023 [4][5] Future Outlook - The company is expected to achieve revenues of 4.670 billion yuan, 5.927 billion yuan, and 7.451 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32.51%, 26.93%, and 25.71% [6][9] - The adjusted net profit is projected to be 1.867 billion yuan, 2.192 billion yuan, and 2.657 billion yuan for the same years, with growth rates of 27.10%, 17.45%, and 21.20% [9][13]
公司年报点评：品牌势能驱动业绩高增，强化胶原蛋白领先优势