23Q1-Q3 profit + 102%, continue the high growth trend, the performance remains resilient. (1) 23Q1-Q3 performance: revenue 1.982 billion / + 25.2%, return net profit 327 million / + 102%, deduction of non-return mother 305 million / + 117%, falling on the upper side of the previous forecast, we expect hyaluronic acid to continue the growth trend in the first half of the year. (2) 23Q3 performance: revenue 669 million / + 8.8%, return net profit 122 million / + 34%, month-on-month 23Q2 is basically stable, deducting non-return mother 117 million / + 34%, the performance is in line with expectations.

Profitability continued to improve, and gross profit margin and net profit margin remained high. (1) 23Q1-Q3 performance: it is expected that the continued high growth of hyaluronic acid business will lead to an increase in the comprehensive gross profit margin (1.59pcts) to 71.65%; the period fee is 52.75%, a decrease of 3.18pcts over the same period last year, of which the sales rate is 31.6%, basically stable, the management rate 15.8%/-4.7pcts, and the homing net interest rate is 16.49%, which is higher than the same period last year. 6.27pcts. (2) 23Q3 performance: 23Q3 gross profit margin continued to rise to 72.84% compared with the same period last year and month-on-month, and the home net profit rate was 18.17%, showing a higher profitability with the same increase in 3.42pcts.

It is expected that the volume of high-end hyaluronic acid will continue to grow, and the new products are expected to fall to the ground gradually. (1) Medical and beauty business: high growth continued in the first half of the year, in which the revenue of high-end hyaluronic acid sea charm increased by + 377%, and the high growth trend continued under the condition of better product quality, external contour marketing and channel development. 23H1 has laid out 500institutions and is expected to continue to develop new institutional cooperation in the second half of the year. "Jiao Lan" products added lip filling indications in February 23, expanding the application scene of the product. At the end of July, it is proposed to purchase the remaining equity of Ohuameike at 153 million consideration; future prospects: 1) the fourth generation of cross-linked products and Cytosial hyaluronic acid enter the registration and application stage; 2) reserve external products ET-01 and injection products AI-09 Botox; 3) promote the listing of laser skin beauty and picosecond laser products in China; 4) accelerate the integration of Ouhua Meike resources.

(2) Ophthalmology business: we expect to be under pressure slightly. In the same period of 22 years, under the background of gradual relaxation of epidemic control, there is a concentrated release of demand for intraocular lenses, while the hot summer weather this year affects consumer demand, and the travel market is relatively hot to delay the release of consumer demand. 23Q3 is expected to be under pressure slightly. Sales of 23H1 high-end products SBL-3 increased by 169%, and innovative hydrophobic mold injection aspheric intraocular lens products were approved in June 23; the company reserves a number of intraocular lens products, innovative hydrophobic mold injection aspheric trifocal intraocular lens and the second generation aqueous humor permeable PRL products to start clinical practice.

Investment suggestion: Haohaisheng is a leading biomedical materials enterprise, HA fillers high-end layout, build "injection filling + optoelectronic instruments + botulinum + collagen" and other pipelines, IOL collection "price for volume", high growth of optometry products, optimistic about "medical beauty + medicine" two-wheel drive. The profitability of 23Q3 continues to improve, with high-end hyaluronic acid volume and healthcare matrix rich, raising 23-25 operating income to 2.698 billion / 3.276 billion / 3.897 billion, and net profit to 451 million / 562 million / 692 million, an increase of 150%, 25%, and 23% over the same period last year, corresponding to 37X/30X/24X for PE, maintaining the "overweight" rating.

Risk tips: price fluctuations of raw materials and products; customer dependence; exchange rate fluctuations.