Investment Rating - The report maintains a "Buy" rating for the company [14] Core Views - The company achieved a revenue of 780 million yuan in 2023, representing a year-on-year growth of 99.97%, and a net profit attributable to shareholders of 300 million yuan, up 174.60% year-on-year [7][4] - The company is leading in the collagen market, with significant growth in its medical device segment and strong performance in its collagen products [7] - The company has a robust pipeline of research and development projects, focusing on recombinant collagen products, and aims to strengthen its brand "Wei Yi Mei" [7] Financial Summary - Revenue projections for 2024-2026 are adjusted to 1.25 billion yuan, 1.66 billion yuan, and 2.10 billion yuan respectively, with net profit forecasts of 496 million yuan, 667 million yuan, and 884 million yuan [7] - The gross margin is expected to improve from 90.2% in 2023 to 93.8% by 2026, while the return on equity (ROE) is projected to remain strong at around 33.1% by 2026 [4][7] - Earnings per share (EPS) are forecasted to be 5.61 yuan, 7.54 yuan, and 9.99 yuan for the years 2024, 2025, and 2026 respectively [7][4]
2023年报暨2024一季报点评：薇旖美持续高增长，胶原蛋白赛道领先