Investment Rating - The report maintains a "Buy" rating for the company [10][14]. Core Views - The company has shown strong revenue growth, with Q1 2024 revenue reaching 226 million yuan, a year-on-year increase of 76.1%, and a net profit of 101 million yuan, up 135.7% year-on-year [8][20]. - The growth is driven by enhanced brand promotion, market education, and product upgrades, leading to a historical high profit margin of 91.9% in Q1 2024 [11][20]. - The company is expanding its product offerings, including the launch of new collagen products and collaborations with other brands, which are expected to further drive growth [9][10]. Financial Forecasts - Revenue projections for 2024-2026 are 1.212 billion yuan, 1.646 billion yuan, and 2.115 billion yuan, with growth rates of 55.4%, 35.8%, and 28.5% respectively [10][13]. - Net profit forecasts for the same period are 487 million yuan, 677 million yuan, and 894 million yuan, with corresponding growth rates of 62.5%, 39.1%, and 32.0% [10][13]. - The report estimates earnings per share (EPS) of 7.15 yuan, 9.95 yuan, and 13.13 yuan for 2024, 2025, and 2026 respectively [10][13]. Product Development and Market Expansion - The company has successfully launched its first injectable recombinant collagen product, "Wei Yimei," which has seen sales exceed 570,000 bottles in 2023 [9]. - The product line is being expanded to include new formulations and treatment options, enhancing its market presence [9][12]. - Ongoing clinical research in various medical fields indicates a commitment to innovation and product development [12].
2024Q1开局积极，盈利能力达历史新高