Investment Rating - The investment rating for the company is "Buy" (maintained) [10] Core Views - The company is expected to achieve significant growth in its medical beauty business, driven by a strong product pipeline and market expansion efforts [19] - The first quarter of 2024 is projected to show a substantial increase in net profit, with estimates ranging from 85 million to 105 million yuan, representing a year-on-year growth of 97.65% to 144.16% [10][19] - The company is focusing on enhancing its brand presence and expanding its distribution channels, which is expected to contribute to sustained high growth in revenue and profit [19] Financial Summary - Total revenue is projected to grow from 390 million yuan in 2022 to 2,623 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 67.2% from 2022 to 2023 and 39.7% from 2025 to 2026 [11][12] - Net profit is expected to increase from 109 million yuan in 2022 to 979 million yuan by 2026, with a CAGR of 90.2% from 2022 to 2023 and 44.5% from 2025 to 2026 [11][12] - The company's gross margin is projected to remain high, increasing from 85.4% in 2022 to 92.3% by 2026 [11][12] Product Pipeline and Market Position - The company is advancing its product pipeline with several products in late-stage clinical trials, including a recombinant collagen product and an antiviral peptide drug, which are expected to enhance the company's value [19] - The company has established a competitive advantage in the market with its unique product offerings and strong brand positioning, particularly in the high-end segment of the medical beauty industry [19] - The collaboration with Shulike is expected to accelerate market penetration and enhance brand recognition among consumers [19]
24Q1开局靓丽，兑现高成长性，后续管线催化剂多