一季度业绩快速增长，研发管线持续稳步推进

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [7]. Core Views - The company is expected to achieve revenues of 31.21 billion, 36.82 billion, and 44.33 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 5.27 billion, 6.54 billion, and 7.81 billion yuan for the same years [2]. - The growth in sales of aesthetic medical products is a key reason for the upward revision of revenue and profit forecasts [2]. - The company has successfully advanced its R&D pipeline, with several new products entering the registration phase [10][15]. Financial Summary - The company's total assets are projected to grow from 7,105.50 million yuan in 2023 to 9,764.55 million yuan by 2026, indicating a steady increase in financial strength [4]. - The net profit is expected to rise from 416.12 million yuan in 2023 to 781.10 million yuan by 2026, reflecting a robust growth trajectory [24]. - The company's gross margin for Q1 2024 was reported at 69.21%, with a net profit margin of 14.32% [10]. Revenue and Profit Forecast - Revenue is forecasted to grow from 2,654.04 million yuan in 2023 to 4,432.56 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 20.38% [24]. - The expected earnings per share (EPS) are projected to increase from 2.47 yuan in 2023 to 4.63 yuan by 2026 [24]. Product Development and Market Position - The company has a strong focus on expanding its product line, particularly in the ophthalmology sector, with new products like artificial tears and high-oxygen scleral lenses entering the market [10][15]. - The aesthetic medical product segment continues to show strong sales momentum, contributing significantly to overall revenue growth [15].