VISHEE(688580)2025-05-16 02:35Investment Rating - The investment rating for the company is "Outperform" with a target price of RMB 57.68, compared to the current price of RMB 49.90 [1]. Core Insights - The report emphasizes the company's focus on enhancing its rehabilitation core business while expanding into the emerging medical aesthetics energy source market. The company is expected to experience a second growth phase due to its strategic positioning in these sectors [1][8]. - Revenue for 2024 is projected to be RMB 400 million, a decrease of 13.45%, with a net profit attributable to shareholders of RMB 102 million, down 25.16% [8]. - The company is upgrading its core products and expanding its offerings in rehabilitation, particularly in pelvic, mental, and neurological rehabilitation [8]. Financial Summary - For 2023, the company reported revenue of RMB 462 million, with a net profit of RMB 136 million. The forecast for 2024 shows a decline in revenue to RMB 400 million and a net profit of RMB 102 million [3][5]. - The earnings per share (EPS) for 2025 and 2026 are forecasted at RMB 1.28 and RMB 1.51, respectively, with an additional forecast for 2027 at RMB 1.81 [8]. - The company maintains a net asset return rate of 6.3% for 2024, with a projected increase to 9.9% by 2027 [3][5]. Product Line Performance - The report details the performance of various product lines, indicating that electrical stimulation revenue is expected to decline by 41.75% to RMB 37 million, while magnetic stimulation revenue is projected to decrease by 13.92% to RMB 172 million in 2024 [8]. - The company is actively developing new products, including the Vishee NEO series in electrical stimulation and upgraded models in magnetic stimulation, which are set to be certified in the second half of 2024 [8]. Market Positioning - The company is strategically positioning itself in the medical aesthetics market by developing products such as shaping magnets and picosecond lasers, targeting gynecology, dermatology, and medical aesthetics applications [8]. - The report highlights the company's efforts to achieve sales breakthroughs in maternal and child channels and light medical aesthetics markets in 2024 [8].