COSMOS(300856) 民生证券·2024-04-17 23:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 2.4 billion yuan in 2023, representing a year-on-year increase of 35.99%, with a net profit of 734 million yuan, up 89.02% year-on-year [2]. - The demand for cosmetic active ingredients and synthetic fragrances continues to rise, with an increasing proportion of overseas revenue [2]. - The gross profit margin improved by 12.17 percentage points to 48.83% in 2023, driven by increased market demand and capacity release [2]. - The company is actively expanding overseas production capacity, which is expected to further enhance market share [2]. - The company is expected to see continued growth in net profit over the next few years, with projections of 956 million yuan, 1.163 billion yuan, and 1.393 billion yuan for 2024, 2025, and 2026, respectively [2]. Financial Performance Summary - In 2023, the company reported a revenue of 2.4 billion yuan, with a net profit of 734 million yuan, and a gross profit margin of 48.83% [4][10]. - The projected revenue for 2024 is 3.32 billion yuan, with a net profit of 956 million yuan, indicating a growth rate of 30.3% [4][10]. - The company’s PE ratio is projected to decrease from 19 in 2023 to 10 by 2026, indicating an improving valuation [4][10].