点评报告：23年业务调整，24Q1业绩修复回升

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Insights - The company faced performance pressure in 2023, but in Q1 2024, the net profit attributable to shareholders increased by 21% year-on-year. In 2023, the company achieved revenue of 6.076 billion yuan (down 4.45% year-on-year) and a net profit of 593 million yuan (down 38.97% year-on-year). In Q1 2024, revenue was 1.361 billion yuan (up 4.24% year-on-year) and net profit was 243 million yuan (up 21.39% year-on-year) [4][11]. Summary by Sections Revenue and Profitability - In 2023, the company reported a revenue of 60.76 billion yuan, with a net profit of 5.93 billion yuan. The net profit margin was 9.59%, down 5.53 percentage points year-on-year. The company plans to distribute a cash dividend of 3.80 yuan per 10 shares, totaling approximately 182 million yuan [4][11]. Business Segments - Raw Material Business: Revenue reached 1.129 billion yuan (up 15.22% year-on-year), driven by growth in pharmaceutical-grade and cosmetic-grade raw materials. The gross margin decreased by 6.83 percentage points to 64.71% [4]. - Medical Terminal Business: Revenue increased by 58.95% year-on-year to 1.090 billion yuan, with a gross margin of 82.10%. The aesthetic medicine segment saw significant growth, with skin-related medical products generating 747 million yuan (up 60.29% year-on-year) [4]. - Functional Skincare Products: Revenue declined by 18.45% year-on-year to 3.757 billion yuan, primarily due to strategic adjustments in the product line [11]. - Functional Food Business: Revenue fell by 22.53% year-on-year to 58 million yuan, attributed to proactive adjustments in business strategy and brand planning [11]. Financial Forecast - The company forecasts revenues of 66.30 billion yuan, 76.13 billion yuan, and 87.64 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 746 million yuan, 907 million yuan, and 1.113 billion yuan [5][14]. Valuation Metrics - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.55 yuan, 1.88 yuan, and 2.31 yuan, respectively. The price-to-earnings (PE) ratios are estimated at 41, 34, and 28 times for the same years [11][14].