Jiangsu wuzhong(600200) 信达证券·2024-04-28 08:00Investment Rating - The report maintains an "Accumulate" rating for Jiangsu Wuzhong (600200.SH) [13] Core Views - The company reported a revenue of 2.24 billion yuan in 2023, a year-on-year increase of 10.55%, but a net profit attributable to shareholders of -72 million yuan, reflecting a year-on-year increase of 5.67% in losses [13] - The report highlights that the company is focusing on the medical beauty sector, particularly the AestheFill product, which was launched on April 23, 2024, and is expected to gain market traction [13][14] - The report emphasizes the need to monitor the company's medical beauty business developments, including production expansion and distribution arrangements with partners [14] Financial Summary - In 2023, the pharmaceutical sector generated 1.84 billion yuan in revenue, a year-on-year increase of 29.46%, while the medical beauty sector saw a dramatic increase in revenue to 8 million yuan, up 2696.72% year-on-year [13] - The overall gross margin for 2023 was 24.09%, down 4.49 percentage points year-on-year, with a net profit margin of -3.21%, an improvement of 0.55 percentage points year-on-year [13] - The forecast for net profit attributable to shareholders for 2024 is projected at 124 million yuan, with a significant year-on-year growth of 272.8% [15]