VISHEE(SH:688580) EBSCN·2024-02-26 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 53.21 CNY [5]. Core Insights - The company reported a robust growth in Q4 2023, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 462 million, 136 million, and 122 million CNY respectively, representing year-on-year increases of 43.72%, 45.41%, and 58.90% [3][4]. - The company has achieved a historical high in revenue for 2023, with a net profit margin of 29.5% and a net profit margin excluding non-recurring items of 26.3%, both showing improvements compared to the previous year [4]. Summary by Sections Financial Performance - In Q4 2023, the company achieved quarterly revenues of 0.96, 1.24, 1.12, and 1.30 billion CNY, with year-on-year growth rates of 77%, 55%, 36%, and 24% respectively [4]. - The net profit attributable to shareholders for the same quarters was 0.30, 0.40, 0.31, and 0.35 billion CNY, with year-on-year growth rates of 77%, 91%, 30%, and 10% respectively [4]. - The company’s revenue for 2023 reached a record high, with a net profit margin of 29.5% and a net profit margin excluding non-recurring items of 33.1% [4]. Business Strategy - The company emphasizes innovation, continuously investing in technology platforms such as magnetic stimulation, electrical stimulation, robotics, and laser radiofrequency, thereby enriching its product pipeline and technical reserves [4]. - New products launched include the second-generation pelvic floor functional magnetic stimulation device and the second-generation transcranial magnetic stimulation device, with FDA certification obtained for the shaping magnetic product [4]. Market Position and Outlook - The company is positioned as a leader in the magnetic and electrical rehabilitation device sector, actively expanding its rehabilitation and medical beauty businesses, which are expected to benefit from the high growth of the rehabilitation industry and consumer upgrades [4]. - The revenue from pelvic rehabilitation (excluding postpartum rehabilitation) grew nearly 30% year-on-year, while revenues from mental and neurological rehabilitation increased by over 50% and 100% respectively [4].