近5年业绩年均复合增长率超50%，分红比例较高，数百家机构扎堆调研

Core Insights - The report highlights a favorable policy environment that has led to significant stock price movements for the company [1] - The company has demonstrated continuous revenue growth and maintains a high dividend payout ratio [2][16] - The company is a leading provider of medical beauty products in China, focusing on non-surgical treatments [3] Financial Performance - In Q1 2024, the company reported revenue of 810 million yuan, representing a year-on-year growth of 28%, and a net profit of 530 million yuan, up 36% year-on-year [4] - The company's revenue has grown from 558 million yuan in 2019 to 2.869 billion yuan in 2023, with a compound annual growth rate (CAGR) of 51% [17] - The net profit has also seen substantial growth, with a CAGR of 58% during the same period [17] Recent Developments - Recent policy changes by the Guangdong Health Commission have positively impacted the medical beauty industry by expanding the scope of surgical beauty projects [5][10] - The company is advancing the industrialization of its face-implant line using oxazolidinone and is developing biopharmaceuticals such as recombinant proteins and peptides [6] - The company has several products in various stages of development, including injectable A-type botulinum toxin and medical-grade polyethylene glycol gel microspheres [11] Market Behavior - The company has attracted significant interest from institutional investors, with 408 institutions conducting research on the company recently [20] - The company has maintained a consistent dividend payout ratio of around 50% since its listing [20] - The number of shareholders has shown an increasing trend, indicating growing interest in the company's stock [22] Product and Market Expansion - The company has successfully commercialized its series of injectable hyaluronic acid products and has received regulatory approval for its face-implant line [9][18] - The company is also exploring expansion into other medical fields such as orthopedics and ophthalmology, in addition to its current focus on medical beauty products [12]