麦澜德：首次覆盖报告：聚焦盆底健康，打造女性健康与美

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7]. Core Insights - The company focuses on pelvic health, aiming to enhance women's health and beauty. The pelvic rehabilitation sector has driven revenue growth, although 2023 performance faced challenges [6][22]. - Revenue increased from 143 million yuan in 2018 to 377 million yuan in 2022, with a compound annual growth rate (CAGR) of 27.4%. However, in 2023, revenue dropped to 341 million yuan, a year-on-year decline of 9.57% [7][22]. - The company anticipates revenue growth in the coming years, projecting 408 million yuan in 2024, 474 million yuan in 2025, and 535 million yuan in 2026, with corresponding net profits of 112 million yuan, 138 million yuan, and 164 million yuan [22][35]. Financial Performance - In 2023, the company reported a gross margin of 71.11%, an increase of 2.56 percentage points from the previous year, but net profit margin decreased to 27.14%, down 7.23 percentage points due to rising expenses [25]. - Research and development (R&D) expenses reached 58 million yuan in 2023, a 41.46% increase year-on-year, representing 17.09% of total revenue [25][28]. - The company has invested in various medical technology firms to enhance its product offerings and maintain a competitive edge in the market [26]. Business Segments - The company operates four main product lines: pelvic and obstetric rehabilitation, reproductive rehabilitation, anti-aging, and sports rehabilitation, along with consumables and information technology products [26]. - The pelvic rehabilitation line generated 162 million yuan in revenue in 2023, accounting for 50.5% of total revenue, with a gross margin of 74.74% [26]. - The reproductive rehabilitation and anti-aging product line achieved 48 million yuan in revenue, representing 15.0% of total revenue, with a gross margin of 87.61% [26]. Future Outlook - The company plans to maintain its core pelvic rehabilitation business while expanding into more serious and consumer-oriented health sectors, aiming to solidify its market leadership through the PI-ONE system [22][35]. - Revenue growth for the reproductive rehabilitation segment is expected to be robust, with projections of 50.0%, 30.0%, and 20.0% growth rates for the years 2024 to 2026 [55].