COSMOS(300856) 开源证券·2024-04-19 09:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [1][6]. Core Insights - The company reported a revenue of 2.4 billion yuan in 2023, a year-on-year increase of 36%, and a net profit attributable to shareholders of 734 million yuan, up 89% year-on-year [1]. - The company is experiencing strong demand in the sunscreen segment, with new product capacities ramping up, contributing to high growth and improved profitability [1][11]. - The financial forecasts for 2024-2026 project net profits of 960 million, 1.2 billion, and 1.48 billion yuan respectively, with year-on-year growth rates of 31.1%, 25%, and 23.4% [1][2]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 7.1 billion yuan, reflecting a quarter-on-quarter increase of 13.8%, and a net profit of 2.2 billion yuan, up 11.4% quarter-on-quarter [1]. - The gross margin for 2023 was reported at 48.8%, with a net margin of 30.6%, both showing significant improvements compared to previous years [2][11]. - The company’s earnings per share (EPS) for 2024 is projected to be 5.68 yuan, with a price-to-earnings (P/E) ratio of 14.5 times [2][11]. Business Segment Performance - The cosmetics active ingredients and synthetic fragrances segments generated revenues of 2.07 billion and 310 million yuan respectively in 2023, with year-on-year growth rates of 43.7% and 6.8% [1]. - The company’s international revenue reached 2.16 billion yuan, a 37.7% increase year-on-year, while domestic revenue was 240 million yuan, up 22.5% year-on-year [1][2]. Capacity and Production Insights - The company has a designed production capacity of 33,180 tons per year for cosmetic active ingredients, with a utilization rate of 75.05% and an additional 5,600 tons under construction [11]. - A new production facility in Malaysia is expected to be operational by 2025, which will further enhance the company’s capacity and market share [11].