收入和利润端受库存积压影响

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 55.79 CNY per share, compared to the current price of 51.62 CNY [5]. Core Insights - The company's performance in 2023 met expectations, with projected revenue of 471 million CNY (down 1.31% year-over-year) and a net profit of 146 million CNY (down 20.07% year-over-year) [3][4]. - The decline in revenue and profit is attributed to several factors, including delays in the launch of new systems for U.S. customers, increased stock compensation expenses due to an incentive plan, rising depreciation costs, and reduced financial income and government subsidies [3][4]. - The company has seen strong growth in its endoscope products in the domestic market, with a year-over-year increase of approximately 85% due to enhanced marketing efforts and brand building [3]. Financial Summary - The projected net profits for 2023-2025 are 147 million CNY, 212 million CNY, and 277 million CNY, respectively, with corresponding EPS of 1.21 CNY, 1.74 CNY, and 2.28 CNY [3][4]. - The company is expected to recover in 2024 if it does not continue to face inventory issues with U.S. orders and benefits from growth in the domestic endoscope market [3]. - The report provides a detailed financial outlook, including revenue growth rates and profitability metrics, indicating a recovery trajectory for the company [20].