Investment Rating - The report maintains a "Buy" rating for the company [2][16] Core Views - The company has shown strong growth in its medical aesthetics business, particularly with its product "Wei Yi Mei," which has driven significant revenue increases [4][16] - The company has increased its revenue and net profit forecasts for 2024-2026, reflecting confidence in its growth trajectory and market position [16] Financial Performance - In Q1 2024, the company achieved revenue of 226 million yuan and a net profit of 101 million yuan, representing year-on-year increases of 76.1% and 135.7% respectively [3][4] - The company's gross margin for Q1 2024 was 91.9%, up 2.0 percentage points year-on-year, while the net margin was 45.0%, an increase of 11.4 percentage points year-on-year [5] - The company’s cash flow from operating activities reached 105 million yuan, a significant increase of 765.6% year-on-year [3] Product Development and Market Strategy - The company has focused on R&D, obtaining a new patent for "recombinant human-derived fibronectin and preparation methods" in January 2024, and has initiated key technology projects in collaboration with major institutions [4] - The partnership with L'Oréal's high-end anti-aging brand, SkinCeuticals, is expected to enhance the company's market presence and contribute positively to its revenue starting from Q2 2024 [4][16] Future Projections - Revenue projections for 2024-2026 have been revised upwards to 1.269 billion yuan, 1.864 billion yuan, and 2.578 billion yuan respectively, with corresponding net profit forecasts of 513 million yuan, 786 million yuan, and 1.121 billion yuan [16] - The company's earnings per share (EPS) are projected to be 5.80 yuan, 8.88 yuan, and 12.67 yuan for the years 2024, 2025, and 2026 respectively [16]
2024年一季报点评：一季度薇旖美延续高增， 看好公司医美级业务的长期发展