2023年报业绩预告点评：亏损幅度扩大，业绩预告低于预期

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong R&D capabilities and leadership in the high-value medical consumables sector [3][6] Core Views - The company's 2023 performance fell below market expectations, with a 15% YoY revenue growth (excluding currency impact) and a net loss of up to $650 million (compared to$588 million in 2022) [2] - Excluding one-time factors, the net loss was up to $436 million, representing a reduction of over 13$970 million in 2023E to $1,331 million in 2025E, with a CAGR of 15.3$423 million in 2023E to $387 million in 2025E [4][8] - EPS is forecasted to improve slightly from -23.08 cents in 2023E to -21.11 cents in 2025E [4][8] Business Segment Highlights - Key business segments showed strong growth: - Cardiovascular intervention (Xinmai Medical) grew 32$170 million in R&D in H1 2023, maintaining its position as the industry leader with 30 green channel products [2] - Key product milestones include: - Vascular intervention robot, left atrial appendage occluder, and MRI-compatible pacemaker approved for market - Venous stent system, occlusion balloon, and next-generation peripheral balloon catheter submitted for approval - Second-generation absorbable stent Firesorb expected to submit for approval in Q4 2023 [2] Market Data - Current share price: HKD 6.55 [5] - Total market capitalization: HKD 12.013 billion [6] - 3-month turnover rate: 66.8% [6] Financial Statements Summary - Revenue is projected to grow steadily, reaching $1,331 million by 2025E [8] - Gross margin remains healthy, increasing from$596 million in 2023E to $832 million in 2025E [8] - Operating cash flow is expected to remain negative, with a forecast of -$337 million in 2025E [10]