超额完成激励目标，期待新业务领域突破

Investment Rating - The report maintains a "Buy" rating for Sanxin Medical (300453) [1] Core Views - The company has exceeded its equity incentive targets and is expected to achieve breakthroughs in new business areas [1] - The blood purification and thoracic surgery businesses are experiencing stable growth, while the infusion products have seen a significant decline due to the base effect of vaccine injector products [2][4] - The company has entered the vascular intervention market, with over 30 projects under research, which are expected to contribute to revenue growth in 2024 [2] Financial Summary - In 2023, the company achieved operating revenue of 1.3 billion yuan, a decrease of 2.7% year-on-year, and a net profit attributable to shareholders of 210 million yuan, an increase of 11.9% [3] - The quarterly revenue for 2023 was 270 million yuan in Q1, 310 million yuan in Q2, 350 million yuan in Q3, and 370 million yuan in Q4, with year-on-year growth rates of -15%, -9%, +7%, and +5% respectively [3] - The gross profit margin for 2023 was 34.9%, an increase of 1.28 percentage points, while the net profit margin improved to 17.2%, up by 2.3 percentage points [3] Business Segmentation - Blood purification products generated revenue of 950 million yuan in 2023, with a year-on-year growth of 7.6% [2][15] - Infusion products had revenue of approximately 230 million yuan, down 33.5% year-on-year, but excluding the impact of vaccine injectors, the revenue was 220 million yuan, a decline of 1.2% [2] - Thoracic surgery revenue reached 70 million yuan, reflecting a growth of 7.8% [2] Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 230 million yuan, 260 million yuan, and 300 million yuan respectively [4] - Revenue growth rates are projected at 15.3% for 2024, 14.5% for 2025, and 13.1% for 2026 [6] - The blood purification segment is expected to grow at rates of 15% in 2024, 13% in 2025, and 12% in 2026 [14][15]