Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Views - The company is experiencing a rapid expansion of its self-branded products, particularly the medical dressing products, which is expected to drive sales [3]. - The core products are in a penetration phase, and new products are anticipated to enhance clinical usage options, with collaborations expected to expand commercialization pathways [4]. - The company reported a significant increase in revenue and net profit for Q1 2024, with revenue reaching 230 million yuan, a year-on-year growth of 76%, and net profit of 101 million yuan, a year-on-year increase of 136% [15][16]. Financial Summary - The company’s total revenue for 2023 was 780 million yuan, with projections of 1.21 billion yuan for 2024, 1.59 billion yuan for 2025, and 2.06 billion yuan for 2026 [9]. - The gross profit margin for Q1 2024 was 92%, reflecting a 2 percentage point increase year-on-year [16]. - The net profit margin for Q1 2024 reached 45%, an increase of 11.4 percentage points year-on-year [16]. Research and Development - The company has a rich pipeline of research projects, including recombinant collagen products that have entered clinical stages, which are expected to support future growth [17].
2024年一季报点评：盈利能力环比提升，预计核心单品占比提升趋势延续