VISHEE(SH:688580) Xinda Securities·2025-04-28 07:32Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook with expectations of revenue growth and profitability recovery [1][2]. Core Viewpoints - The company experienced a revenue decline of 13.45% in 2024, with total revenue of 400 million yuan, but showed recovery in Q1 2025 with a revenue increase of 9.40% to 96 million yuan and a net profit growth of 52.71% to 33 million yuan [1][2]. - The company is focusing on new product launches in the rehabilitation and medical aesthetics sectors, which are expected to drive future growth [2]. - The company has set ambitious revenue growth targets of at least 18% and 40% for 2025 and 2026, respectively, as part of its stock incentive plan, reflecting confidence in its growth trajectory [2]. Financial Summary - In 2024, the company reported total revenue of 400 million yuan, a decrease of 13.45% year-on-year, and a net profit of 102 million yuan, down 25.16% year-on-year [1][3]. - The projected revenues for 2025, 2026, and 2027 are 474 million yuan, 560 million yuan, and 661 million yuan, respectively, with year-on-year growth rates of 18.5%, 18.2%, and 18.0% [2][3]. - The expected net profits for the same years are 132 million yuan, 156 million yuan, and 184 million yuan, with growth rates of 29.9%, 17.8%, and 17.9% [2][3].