Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Views - The company achieved a revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, and a net profit of 1.958 billion yuan, with a year-on-year increase of 5.33% [1][7] - The company is focusing on expanding its product lines through external acquisitions, such as the planned acquisition of South Korean regenerative materials company REGEN Biotech, which will enhance its product layout and open up international sales channels [1][12] - The medical beauty industry has significant long-term penetration potential, and under compliance regulations, leading companies will further highlight their advantages [3][15] Financial Performance - In 2024, the gross profit margin was 94.64%, slightly down by 0.46 percentage points year-on-year, while the sales expense ratio remained stable at 9.15% [2][13] - The company maintained a stable operating cash flow of 1.927 billion yuan in 2024, reflecting good cash flow conditions [2][13] - The revenue growth forecast for 2025-2026 has been adjusted to 2.237 billion yuan and 2.618 billion yuan respectively, with a new forecast for 2027 set at 3.017 billion yuan [3][16] Product Performance - The revenue growth rates for solution and gel injection products were both around 5% in 2024, with revenue shares of 57.64% and 40.18% respectively [9][10] - The company has made progress in several pipeline products, including the review stage for botulinum products and clinical trial approval for semaglutide injection [1][9] Market Position - The company’s market capitalization is approximately 59.532 billion yuan, with a closing price of 196.74 yuan [5][17] - The company is positioned to leverage its existing product matrix to expand market share in the short term while combining self-research and external acquisitions for long-term growth [3][15]

风险提示：在研项目进度不及预期；终端销售不及预期；竞争环境恶化。 投资建议：整体来看医美行业中长期渗透率仍有较大提升空间，合规监 管趋势下龙头企业的优势也将进一步凸显。短期公司积极依托现有产品 矩阵，拓展渠道占有率；中长期自研+外延结合，持续丰富的产品管线 储备，以及打开国际化业务，为业绩增长提供新的增量。出于对医美消 费短期景气度的谨慎考虑，以及收购韩国企业事项仍待审批，我们下调 公司 2025-2026 年归母净利润预测至 22.37/26.18 亿元（前值分别为 24.93/28.68 亿元），并新增 2027 年归母净利润预测为 30.17 亿元，维 持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,869.35 | 3,025.67 | 3,519.67 | 4,073.79 | 4,633.67 | | (+/-%) | 47.99% | 5.45% | 16.33% | 15.74% | 13.74% | | 净利 ...