SHINVA(SH:600587) GOLDEN SUN SECURITIES·2025-05-08 05:23Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company demonstrated stable revenue growth in 2024, with a slight increase in operating income by 0.09% year-on-year, reaching 10.02 billion yuan, while net profit attributable to shareholders increased by 5.75% to 692 million yuan [1][2] - The company is focusing on cost reduction and efficiency improvement, leading to a better profit growth rate compared to revenue growth [2] - The international business is showing promising growth, with a 12.43% increase in self-operated international revenue, reaching 271 million yuan [3] Financial Performance Summary - In 2024, the company achieved a gross margin of 26.06%, with a slight decrease of 1.31 percentage points year-on-year [2] - The company’s operating income for Q1 2025 was 2.31 billion yuan, down 8.74% year-on-year, while net profit decreased by 23.97% to 160 million yuan [1][2] - The projected revenue for 2025-2027 is expected to grow to 10.77 billion, 11.56 billion, and 12.42 billion yuan, respectively, with net profit forecasts of 793 million, 903 million, and 1.03 billion yuan [3][4] Segment Performance Summary - The pharmaceutical equipment segment led growth with a revenue increase of 12.90% to 2.17 billion yuan, while the infection control segment is expanding internationally [3][4] - The medical trading segment reported a revenue of 3.13 billion yuan, up 8.04%, while the medical services segment saw a decline of 9.51% to 834 million yuan [4][3] - The company is making significant progress in international markets, achieving certifications and operational qualifications in countries like Indonesia and Saudi Arabia [3]