24Q1业绩逐步修复，期待护肤业务调整成果

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 74.66 CNY for the next six months [5][9]. Core Insights - The company reported a revenue of 6.076 billion CNY in 2023, a decrease of 4.45% year-on-year, and a net profit of 593 million CNY, down 38.97% [1][10]. - In Q1 2024, the company achieved a revenue of 1.361 billion CNY, an increase of 4.24%, and a net profit of 243 million CNY, up 21.39% [1][2]. - The company is focusing on optimizing its skincare business and enhancing its marketing channels to improve performance [3][4]. Financial Performance Summary - In 2023, the gross margin was 73.32%, down 3.67 percentage points year-on-year, with sales, management, and R&D expense ratios at 46.78%, 8.10%, and 7.35%, respectively [2]. - For Q1 2024, the gross margin improved to 75.73%, up 1.95 percentage points, with a significant reduction in sales expense ratio to 36.04% [2]. - The company expects revenue growth rates of 16.0%, 13.9%, and 11.3% for 2024 to 2026, with net profit growth rates of 51.7%, 21.3%, and 12.9% respectively [9][10]. Business Outlook - The company is strengthening its partnerships with universities to enhance its research and development capabilities [4]. - It aims to develop a comprehensive synthetic biology platform and expand its presence in the orthopedic market [4][8]. - The company is also focusing on the medical terminal business, which has shown significant growth, while the skincare segment is undergoing adjustments [3][4].