Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [3][11]. Core Insights - The company is a leading functional protein enterprise in China, focusing on recombinant collagen products and the anti-HPV biological protein industry chain. The rapid growth of its recombinant collagen injection products and the significant potential in dressings and functional skincare products are highlighted. The company has a rich pipeline of products under development, which supports future growth [3][11]. - In Q1 2024, the company reported revenue of 230 million yuan, a year-on-year increase of 76.1%, and a net profit of 100 million yuan, up 135.7% year-on-year, exceeding performance forecasts. This growth is attributed to continuous customer expansion, active product development, and upgrades [1][3]. Financial Performance - The company's total revenue is projected to grow from 780.26 million yuan in 2023 to 1,323.51 million yuan in 2024, reflecting a year-on-year growth rate of 69.62% [1]. - The net profit attributable to the parent company is expected to increase from 299.80 million yuan in 2023 to 550.56 million yuan in 2024, representing an 83.64% year-on-year growth [1]. - The report indicates an improvement in profitability, with a gross margin of 91.9% and a net profit margin of 45.0% in Q1 2024, both showing year-on-year increases [12]. Product Development and Market Position - The company is the only approved manufacturer of recombinant collagen implant products in the market, with its brand "Wei Yimei" experiencing rapid growth. The company has established a comprehensive anti-aging treatment plan and has partnered with L'Oréal to enhance market penetration [11][12]. - As of the end of 2023, the company has submitted product applications for various projects, including a recombinant collagen product for gynecological use, indicating a robust pipeline for future growth [2].
2024Q1业绩点评：业绩超预期，薇旖美持续放量