华熙生物：24Q1利润拐点明显，降本增效期待618表现

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a significant profit turning point in Q1 2024, with a notable increase in net profit and a clear growth trajectory [4] - The company's functional skincare business is gradually improving, with a clear product positioning and a strengthening multi-brand matrix [5][7] - The medical aesthetics business is entering a harvest period, showing substantial revenue growth [5] - The raw materials business has also seen significant revenue growth, with an ongoing optimization of product structure [6] Financial Performance Summary - In 2023, the company achieved revenue of 6,076 million yuan, a year-on-year decrease of 4.45%, and a net profit of 593 million yuan, down 38.97% year-on-year [4][9] - The gross margin for 2023 was 73.32%, a decrease of 3.67 percentage points, while the net profit margin was 9.59%, down 5.53 percentage points [4] - For Q1 2024, the company reported revenue of 1,361 million yuan, a year-on-year increase of 4.24%, and a net profit of 243 million yuan, up 21.39% year-on-year [4] - The company anticipates revenue growth to reach 65.60 billion yuan in 2024, with net profit projected at 8.65 billion yuan, reflecting a year-on-year growth of 46.0% [7] Business Segment Insights - The functional skincare segment faced challenges in 2023, with revenue declining to 3,757 million yuan, down 18.45% year-on-year, but strategic adjustments are expected to lead to a revenue turnaround [5] - The medical terminal business achieved revenue of 1,090 million yuan in 2023, a year-on-year increase of 58.95%, with core products showing exceptional growth [5] - The raw materials segment generated revenue of 1,129 million yuan, up 15.22% year-on-year, with a focus on high-margin pharmaceutical-grade hyaluronic acid [6]