COSMOS(300856) 天风证券·2024-04-22 01:30Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook [9] Core Views - The company reported a revenue of 2.4 billion yuan in 2023, representing a year-over-year growth of 36% [2] - The net profit attributable to the parent company reached 734 million yuan, with a year-over-year increase of 89% [2] - The company maintains high profitability, with a gross margin of 48.8% in 2023, up by 12.2 percentage points [6] - The company has a strong R&D capability, holding 172 authorized patents, including 46 invention patents [15] Financial Performance - Revenue for 2023 was 2,399.92 million yuan, with a growth rate of 35.99% [8] - The net profit attributable to the parent company for 2023 was 733.59 million yuan, showing a growth rate of 89% [8] - The earnings per share (EPS) for 2023 was 4.33 yuan [8] - The company expects continued growth, with projected net profits of 931.94 million yuan in 2024 and 1,166.45 million yuan in 2025 [8] Market Position and Product Development - The company is a leading manufacturer of sunscreen raw materials, benefiting from a growing market demand and an expanding product portfolio [15] - The product structure includes traditional and new chemical sunscreen agents, as well as amino acid surfactants and other personal care ingredients [7] - The company is focused on high-end personal care products and synthetic fragrance projects, which are expected to enhance profitability [15]