The company released its earnings forecast for the first quarter of '24. It is estimated that 24Q1 will achieve operating income of 80,000-83 million yuan, a year-on-year increase of 27.5%-31%, achieve net profit of 51-53 million yuan, an increase of 23%-29% year-on-year, and achieve a year-on-year increase of 33%-39% in net profit after deduction of 51-540 million yuan.
24Q1 revenue performance continues to grow, and product-side potential is expected to continue. On the 24Q1 revenue side, the company's sales revenue continued to grow, mainly benefiting from the increase in medical and aesthetic terminal consumption and the company's product brand influence; on the profit and cost side, compared with the same period last year, the company's gross margin and expense ratio remained at a stable level, so net profit also continued to grow; on the product side, solution injection products with “Hi Body” as the core are expected to grow steadily, and continue to be a strong support point for the company to gradually build a phenomenal product matrix. amount Climbing the slope may collaborate with the product matrix to further improve the company's product coverage, penetration rate and reputation.
Comment: Since the beginning of the year, the company has been proving long-term value with practical actions. In the first year after the epidemic, revenue/net profit to mother all achieved a year-on-year increase of nearly 50%, demonstrating that the leaders have recovered their elasticity, and carried out many actions such as large profit distributions to effectively safeguard investors' interests and consolidate market confidence. 24Q1 continued to maintain a continuous growth momentum, repeatedly verifying its strong alpha attributes, and there are many future highlights. In the short term, in addition to continuing to climb and increase penetration of existing products, wait for collaborative release after entering the sales rhythm, focus on the pace of approval of new products such as Bonita's chin indications/botulism in the medium term, and be optimistic about the orderly progress and continuous filling of various potential pipelines such as optoelectrics/weight loss. After it is launched, it may be linked to apply a variety of beauty choices to further strengthen the company's leading position in medicine and beauty. We have always been firmly optimistic about the long-term value of the company. As a leading target with a complete product matrix with profit and traffic, it is expected to benefit from the acceleration of the economic recovery sector. We recommend focusing on it.
Investment advice: In the future, in the context of the recovery of the medical and aesthetic industry and the continuous increase in penetration rate, the company is expected to continue to consolidate its leading position in the industry by using existing products as the basic market, growing single products and continuously contributing to performance growth in the research pipeline. Based on this, we expect the company's net profit to be 24.5/31.4/4.01 billion yuan in 2024-2026, with a year-on-year growth rate of 32.0%/28.0%/27.8%, and still maintain a “buy” rating risk warning: risk of macroeconomic fluctuations, risk of falling short of expectations in product development registration, risk of product sales falling short of expectations, and performance forecasts are subject to the disclosure of the company's final announcement