MTM(SH:688029) GF SECURITIES·2024-02-25 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 80.94 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [42][36]. Core Insights - The company is expected to achieve a total revenue of 2.416 billion CNY in 2023, representing a year-over-year growth of 22% [41]. - The net profit attributable to the parent company is projected to be 488 million CNY in 2023, reflecting a significant year-over-year increase of 47.31% [41]. - The company is focusing on strategic transformation, shifting from scale to efficiency, which has resulted in substantial profit growth [41]. - The company has received regulatory approvals for five products in the U.S. and 22 in Germany, enhancing its product line and market presence [21][41]. Financial Summary - Revenue is projected to grow from 1.947 billion CNY in 2021 to 2.416 billion CNY in 2023, with a growth rate of 22% [44]. - The net profit is expected to increase from 325 million CNY in 2021 to 488 million CNY in 2023, with a growth rate of 47.5% [44]. - Earnings per share (EPS) are forecasted to rise from 2.43 CNY in 2021 to 2.60 CNY in 2023 [44]. - The company’s return on equity (ROE) is anticipated to improve from 11.0% in 2021 to 12.6% in 2023 [44].