Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [11]. Core Views - The company experienced a revenue decline in the first half of 2025, achieving 1.299 billion yuan, a year-over-year decrease of 21.59%. The net profit attributable to shareholders fell by 29.57% to 789 million yuan [4]. - The report highlights that the company is entering a low base period in the second half of the year, which may facilitate a return to growth [7]. - The company has a diverse product matrix, with several products in the registration phase, which could contribute to future revenue growth [8]. Summary by Sections Company Overview - The company operates in the retail industry with a total market capitalization of 55.6 billion yuan and a total share capital of 303 million shares [1]. Financial Performance - The company reported a gross margin of 93.44% and a net margin of 60.9% in the first half of 2025, with a basic EPS of 2.62 yuan [4][7]. - Revenue for 2023 is projected at 2.869 billion yuan, with a year-over-year growth of 48%, followed by a slight increase to 3.026 billion yuan in 2024 [6]. Future Projections - The report projects revenues of 1.781 billion yuan, 2.142 billion yuan, and 2.503 billion yuan for 2025, 2026, and 2027 respectively, reflecting a downward adjustment from previous estimates [8]. - The company is expected to maintain a robust product offering, which may enhance consumer solutions and drive growth in the upcoming periods [8].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年一季报，1Q2025营业收入为6.6亿元，同比下滑17.9%，归母净利润为4.4亿元，同比下滑 15.9%。 点评： 高基数+产品结构分化，一季度业绩有所下滑 我们认为，公司一季度收入同比下滑主要原因系：第一，去年同期基数较高；第二，产品销售结构性分 化，溶液类产品整体出货价格走低。 产品结构性分化，一季度毛利率略有下滑 1Q2025，公司毛利率为93.9%，同比-0.7pcts；归母净利率为66.9%，同比+1.6pcts。我们认为，公司一季 度毛利率同比微降也是受产品出货结构的影响。 1Q2025公司期间费用率同比+4.1pcts至21.9%。分项目看，销售/管理/研发/财务费用率分别为 9.9% ...

Core Insights - The company achieved a revenue of CNY 3.03 billion in 2024, representing a growth of 5.5%, and a net profit of CNY 1.96 billion, up by 5.3% [1] - The company maintained stable profitability with a gross margin of 94.6% and a net margin of 64.7% for the year [1] - In Q4 2024, the company reported a revenue of CNY 650 million, a decrease of 7.0%, and a net profit of CNY 370 million, down by 15.5% [1] Revenue and Profit Analysis - Revenue from solution products was CNY 1.74 billion, growing by 4.4% - Revenue from gel products reached CNY 1.22 billion, increasing by 5.0% - Revenue from facial implant lines was approximately CNY 6.804 million, up by 15.0% - Other revenues, including cosmetics, amounted to CNY 59.192 million, a significant increase of 68.5% [1] R&D and Acquisition Strategy - The company increased its R&D expense ratio to 10.0%, up by 1.3 percentage points, indicating a focus on product pipeline development [2] - The company announced plans to acquire 85% of South Korean REGEN for USD 19 million, which is expected to significantly contribute to revenue and profit by 2026 [2] - The acquisition includes two listed products, AestheFill and PowerFill, which are anticipated to enhance the company's market position [2] Earnings Forecast and Valuation - Revenue projections for 2025 and 2026 are CNY 3.30 billion and CNY 3.60 billion, reflecting year-on-year growth of 9.2% and 9.1% respectively [3] - Net profit forecasts for the same years are CNY 2.02 billion and CNY 2.18 billion, with growth rates of 3.1% and 7.7% [3] - The target price for the company is set at CNY 299.47 per share, based on a price-to-earnings ratio of 45x for 2025 and 42x for 2026 [3]

Investment Rating - The report maintains an "Outperform" rating for the company [1][2][7] Core Views - The company achieved steady growth in 2024, with revenue of Rmb 3.03 billion (+5.5%) and net profit of Rmb 1.96 billion (+5.3%), maintaining a gross profit margin of 94.6% [3][11] - The company is focusing on overseas mergers and acquisitions, particularly the proposed acquisition of REGEN in South Korea, which is expected to significantly contribute to revenue and profits in 2026 [4][16] Financial Performance - Revenue and profit growth for 2024: Revenue of Rmb 3,026 million, net profit of Rmb 1,958 million, with a gross profit margin of 94.6% [3][11] - Q4 2024 performance showed a revenue decline of 7.0% to Rmb 650 million and a net profit decline of 15.5% to Rmb 370 million [12] - Revenue by product category: Solution-based products Rmb 1.74 billion (+4.4%), Gel-based products Rmb 1.22 billion (+5.0%), Facial implant threads Rmb 6.804 million (+15.0%), Other revenue Rmb 59.192 million (+68.5%) [13][14] Research and Development - Increased R&D investment with a ratio of 10.0% in 2024, focusing on new product pipelines and clinical trials [4][15] - The company has received clinical trial approvals for several new products, indicating a commitment to innovation [15] Acquisition Strategy - The proposed acquisition of REGEN for US$190 million is expected to enhance the company's product offerings and production capacity, with the second factory in South Korea expected to start production in Q2 2025 [4][16] - The target company reported revenue of Rmb 72.23 million and net profit of Rmb 29.5 million from January to September 2024 [16] Earnings Forecast and Valuation - Revenue projections for 2025 and 2026 are Rmb 3.30 billion and Rmb 3.60 billion, respectively, with year-on-year growth of 9.2% and 9.1% [5][17] - The target price is set at Rmb 299.47 per share, corresponding to a P/E ratio of 45x for 2025 and 42x for 2026 [7][17]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][8][14]. Core Insights - The company reported a revenue of 3.03 billion yuan for 2024, reflecting a year-on-year growth of 5.4%, with a net profit of 1.96 billion yuan, also up by 5.3% [4][6]. - The sales of solution products have shown rapid growth, with revenues of 1.74 billion yuan for solution products and 1.22 billion yuan for gel products, marking year-on-year increases of 4.4% and 5.0% respectively [5]. - The company is expanding its product portfolio and exploring overseas markets, including a planned acquisition of REGEN Biotech, which is expected to enhance its competitiveness in the regenerative field [7]. Summary by Sections Company Overview - The latest closing price is 187.61 yuan, with a total market capitalization of 56.8 billion yuan and a circulating market value of 39.1 billion yuan [3]. - The company has a low debt ratio of 5.4% and a price-to-earnings ratio of 21.82 [3]. Financial Performance - The gross margin for 2024 is projected to be 94.6%, with a slight decline of 0.5 percentage points year-on-year, while the net profit margin remains high at 64.7% [6]. - The company plans to distribute a cash dividend of 38 yuan per 10 shares [4]. Future Outlook - The company anticipates a net profit of 2.13 billion yuan in 2025, with projected growth rates of 7.95% for the following years [10][11]. - The report highlights the potential for growth through product diversification and international expansion, despite short-term pressures from market conditions [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 202.76 CNY [3][6]. Core Views - The company faces short-term challenges but aims for long-term growth through both internal and external strategies [1][6]. - The profit forecast has been adjusted, with expected net profits for 2025-2027 at 2.166 billion, 2.452 billion, and 2.817 billion CNY respectively [2][6]. - The company is expanding its product pipeline and has made a strategic acquisition to enhance its international presence [5][6]. Financial Summary - **Revenue Forecast**: Expected revenues for 2025-2027 are 3.411 billion, 3.952 billion, and 4.639 billion CNY, with growth rates of 12.8%, 15.8%, and 17.4% respectively [2][11]. - **Profitability Metrics**: The gross margin is projected to decline from 95.1% in 2023 to 88.7% in 2027, while the net profit margin is expected to decrease from 64.8% to 60.7% over the same period [2][11]. - **Earnings Per Share (EPS)**: EPS is forecasted to increase from 6.14 CNY in 2023 to 9.31 CNY in 2027 [2][11]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 31.6 in 2023 to 20.8 in 2027, indicating a potential increase in value [2][11].

Investment Rating - The report maintains a "Buy-B" rating for the company [1][8]. Core Views - The company has a rich pipeline of products under development and is accelerating its international expansion through acquisitions [1][6]. - In 2024, the company achieved a revenue of 3.026 billion yuan, representing a year-on-year growth of 5.45%, and a net profit of 1.958 billion yuan, also up by 5.33% [2][4]. - The company plans to distribute a cash dividend of 38 yuan per 10 shares, which accounts for 58.51% of the net profit attributable to shareholders [2]. Financial Performance - The company reported a gross margin of 94.64%, a net margin of 64.66%, and an overall expense ratio of 22.21% for the period [4]. - The revenue from solution products was 1.744 billion yuan, with a gross margin of 93.76%, while gel products generated 1.216 billion yuan with a gross margin of 97.98% [3]. - The company has three products in the registration application stage and three in clinical trials, indicating a robust product pipeline [3][4]. Regional Performance - Revenue from different regions showed varied growth: North China +33.21%, Central China +19.84%, while East China saw a decline of -4.08% [3]. - Direct sales accounted for 66.37% of total sales, while distribution sales made up 33.63% [3]. Acquisition Strategy - The company plans to acquire 85% of the Korean medical beauty company Regen Biotech for 190 million USD, which will enhance its product line and accelerate internationalization [6]. - The target company reported a revenue of 72 million yuan and a net profit of 30 million yuan for the first nine months of 2024 [6]. Earnings Forecast - The projected EPS for 2025, 2026, and 2027 are 7.06 yuan, 7.93 yuan, and 8.66 yuan respectively, with corresponding P/E ratios of 26.9, 24.0, and 22.0 [6][10].

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024 despite industry pressures, with a revenue of 3.03 billion and a net profit of 1.96 billion, reflecting year-on-year increases of 5.4% and 5.3% respectively [2][3] Revenue and Profit Analysis - In Q4 2024, the company's revenue was 650 million, showing a year-on-year decline of 7.0%, while the net profit was 370 million, down 15.5% year-on-year [2] - The revenue from solution products and gel products for 2024 was 1.74 billion and 1.22 billion respectively, with year-on-year growth of 4.4% and 5.0% [3] Product Performance - The sales volume for solution products was 634.6 thousand units, up 23.4% year-on-year, while gel products saw a decline in sales volume to 89.4 thousand units, down 11.2% [3] - The average price of solution products decreased due to a shift in product mix, while the average price of gel products increased due to a higher proportion of high-margin products [3] Profitability Metrics - The company's gross margin for 2024 was 94.6%, a decrease of 0.5 percentage points year-on-year, while the net profit margin was 64.7%, down 0.1 percentage points [4] - In Q4 2024, the gross margin was 94.0%, down 0.4 percentage points year-on-year, and the net profit margin was 57.2%, down 5.7 percentage points [4] R&D and Cost Management - The company increased its R&D investment, with a R&D expense ratio significantly rising, completing 57 patent applications and engaging in 21 collaborative research projects with medical institutions [4] - The overall expense ratio increased by 1.3 percentage points to 22.2%, driven by higher R&D costs, while sales expenses remained stable [4] Product Line Expansion - The company received a Class III medical device registration for a new gel product, expected to launch this year, which will enhance its gel product line [5] - Clinical trial approvals were obtained for several new products, indicating ongoing innovation and product development [5] Strategic Acquisition - The company plans to acquire REGEN Biotech, Inc. in March 2025, which is expected to strengthen its competitive advantage in the global regenerative market and enhance its overseas market expansion capabilities [7]