Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by over 20% within the next six months [25]. Core Views - The company is projected to achieve revenues of 1.231 billion, 1.635 billion, and 2.073 billion yuan for the years 2023, 2024, and 2025, respectively, representing year-on-year growth rates of +57.71%, +32.87%, and +26.77% [7][8]. - The net profit attributable to the parent company is expected to be 493 million, 668 million, and 855 million yuan for the same years, with year-on-year growth rates of +64.42%, +35.46%, and +28.06% [7][8]. - The earnings per share (EPS) are forecasted to be 7.24, 9.81, and 12.56 yuan, with corresponding price-to-earnings (PE) ratios of 31, 23, and 18 times [7][8]. Financial Performance - In Q1 2024, the company reported a revenue of 226 million yuan, a year-on-year increase of +76.09%, and a net profit of 101 million yuan, up +135.72% year-on-year [15]. - The gross margin for Q1 2024 reached 91.90%, an increase of 1.96 percentage points year-on-year, while the net margin was 44.95%, up 11.47 percentage points year-on-year [16]. - The company's medical device segment achieved revenue of 680 million yuan in 2023, reflecting a year-on-year growth of +122.66% [16]. Strategic Developments - The company is actively expanding its collagen protein raw materials internationally and has established a strategic partnership with L'Oréal, marking a significant milestone in entering the supply chain of an internationally recognized brand [17]. - The company's core business focuses on various terminal medical device products and functional skincare products based on type A recombinant human collagen, with applications across multiple medical fields [17].
Q1业绩延续高增，验证胶原赛道高景气