23年业绩大幅减亏，产品持续推进

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 12.69 CNY per share based on a PS valuation method for 2024 [23][41]. Core Insights - The company is positioned as a leader in the coronary and neuro-interventional treatment sectors in China, with proprietary drug-coated technology and multiple patents. The launch of several products in these areas is expected to drive revenue recovery [23][27]. - The company anticipates significant revenue growth, with projected revenues of 343 million CNY, 520 million CNY, and 750 million CNY for the years 2023, 2024, and 2025, respectively, reflecting year-over-year growth rates of 78%, 52%, and 44% [23][32]. Summary by Sections Coronary Stent Business - The company has successfully participated in the national centralized procurement for coronary stents, which is expected to boost its market presence. The HT Supreme coronary stent is anticipated to receive FDA approval in 2024, following successful inspections in August 2023 [2][39]. - The revenue from the stent business is projected to recover significantly, with a forecasted increase in gross margin from 59% in 2023 to 61% and 62% in 2024 and 2025, respectively [32][39]. Neuro-Interventional Products - The company has completed clinical trials for its self-expanding intracranial drug-eluting stent, which is expected to launch in the first half of 2024. Another coated mesh stent has also completed over 90% of its clinical enrollment [2][23]. - The neuro-interventional product line is expected to contribute to revenue growth, with significant product launches planned in the coming years [23][27]. Financial Performance - The company reported a substantial reduction in losses for 2023, with total revenue expected to reach 343 million CNY, a 78.1% increase year-over-year. The net loss is projected to be 49 million CNY, a significant improvement from the previous year [38][39]. - The sales and R&D expenses have decreased compared to revenue growth, indicating improved operational efficiency [27][39]. Product Launches and Market Expansion - The company is actively expanding its product offerings, with several new products receiving FDA approval and entering commercialization phases. This includes the HT Supreme stent and the non-compliant balloon dilatation catheter [2][39]. - The anticipated growth in the balloon business, particularly from the newly approved products, is expected to maintain a growth rate above industry averages in the coming years [45][39].