Investment Rating - The report maintains a "Buy" rating for the company, with a target price expected to yield over 20% relative return within the next six months [7][20]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 0.85 billion and 1.05 billion yuan for Q1 2024, representing a year-on-year increase of 97.65% to 144.16% [5][6]. - The company is focusing on enhancing its brand presence and market expansion through strategic partnerships, such as its collaboration with Shiseido to strengthen its high-end market positioning [5][6]. - The report highlights the company's robust product pipeline and ongoing marketing efforts, which are anticipated to drive sustained revenue growth [6][8]. Financial Performance Summary - The company's revenue is projected to grow from 390.20 million yuan in 2022 to 2,378.26 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 67.15% to 35.00% over the forecast period [8][10]. - The net profit attributable to shareholders is expected to increase from 109.18 million yuan in 2022 to 894.13 million yuan in 2026, with significant growth rates of 90.24% in 2022 and 31.10% in 2026 [8][10]. - The company's EBITDA is forecasted to rise from 200.41 million yuan in 2022 to 1,094.96 million yuan in 2026, indicating strong operational efficiency and profitability [8][10]. Market Position and Strategy - The company is positioned as a leader in the collagen market, with strategic collaborations enhancing its competitive edge and market share [6][8]. - The report emphasizes the importance of the company's ongoing research and development efforts, which are expected to yield innovative products and maintain its market leadership [6][8]. - The partnership with major brands like L'Oréal is expected to further solidify the company's supply chain and product quality, driving demand in the high-end segment [6][8].
24Q1归母净利润0.85-1.05亿元，看好公司未来发展