Zhende Medical(603301) 开源证券·2024-06-23 01:30Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The report indicates that the company has faced performance pressure due to internal and external disturbances in 2023, but its conventional business has shown steady growth. The revenue for 2023 was 4.127 billion yuan, a year-on-year decrease of 32.76%, while the net profit attributable to the parent company was 198 million yuan, down 70.82% year-on-year. The report anticipates a recovery in conventional business growth moving forward [12][14]. - The company is expected to benefit from the release of medical demand and health upgrades, which will drive the recovery of hospital-end products. The company has covered over 8,000 hospitals, including approximately 1,150 tertiary hospitals, and is expected to leverage brand synergy across its business segments [12][14]. - The report projects that the net profit attributable to the parent company for 2024-2026 will be 401 million, 478 million, and 571 million yuan respectively, with corresponding EPS of 1.50, 1.79, and 2.14 yuan. The current stock price corresponds to P/E ratios of 13.3, 11.2, and 9.4 times, indicating valuation attractiveness and safety [12][14]. Financial Summary - Revenue (Million Yuan): 2022A: 6,138, 2023A: 4,127, 2024E: 4,464, 2025E: 5,247, 2026E: 6,164 [5] - Net Profit (Million Yuan): 2022A: 680, 2023A: 198, 2024E: 401, 2025E: 478, 2026E: 571 [5] - Gross Margin (%): 2022A: 35.0, 2023A: 34.7, 2024E: 34.4, 2025E: 34.7, 2026E: 34.9 [5] - Net Margin (%): 2022A: 11.1, 2023A: 4.8, 2024E: 9.0, 2025E: 9.1, 2026E: 9.3 [5] - ROE (%): 2022A: 12.2, 2023A: 3.8, 2024E: 6.6, 2025E: 7.6, 2026E: 8.5 [5] Market Position and Strategy - The company is actively participating in academic conferences to showcase its surgical infection control business potential and innovative products, which are expected to enhance its market presence [12][14]. - The report highlights the increasing health awareness post-pandemic, which is expected to drive sales in the home health product segment, supported by strong brand and channel strategies [12][14].