Investment Rating - The report maintains a "Buy" investment rating for the company, suggesting a positive outlook for the stock over the next six months [2][17]. Core Insights - The company achieved a revenue of 780 million yuan in 2023, marking a 100% year-on-year growth, and a net profit of 300 million yuan, which is a 174.6% increase year-on-year [1][3]. - The company is focusing on building its own brand "Wei Yi Mei" and enhancing its product offerings, which has led to significant sales growth [1]. - The company has restructured its collagen product channels primarily targeting private medical institutions, resulting in a sales team of 135 people covering approximately 2,000 end-user institutions by the end of 2023 [1]. Financial Performance - In Q4 2023, the company reported a revenue of 260 million yuan, up 89.7% year-on-year, and a net profit of 110 million yuan, reflecting a 176.1% increase year-on-year [1]. - For Q1 2024, the company achieved a revenue of 230 million yuan, a 76.1% increase year-on-year, and a net profit of 100 million yuan, which is a 135.7% increase year-on-year [1]. - The company plans to continue expanding its market share and product range, with projected net profits for 2024-2026 estimated at 460 million, 640 million, and 870 million yuan respectively, corresponding to PE ratios of 31, 22, and 16 times [2][3]. Revenue Breakdown - In 2023, the company's revenue from medical devices, functional skincare products, and raw materials was 680 million, 80 million, and 20 million yuan respectively, with year-on-year growth rates of 122.7%, 12.0%, and 42.9% [17]. - Revenue from different regions showed significant growth, with North China and East China achieving revenue of 280 million yuan each, reflecting year-on-year increases of 69.3% and 161.2% respectively [17]. Profitability Metrics - The gross margin for Q1 2024 reached 91.9%, an increase of 2.0 percentage points year-on-year, marking a historical high for the company [18]. - The net profit margin for Q1 2024 was 45.0%, up 11.5 percentage points year-on-year, benefiting from improved gross margins and reduced expense ratios [18].
重点建设自主品牌“薇旖美”，加大销售推广优化毛利结构