乘康复医疗行业浪潮，“产品+渠道”助力翔宇远航

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [14]. Core Viewpoints - The company is positioned as a leading provider of rehabilitation medical devices, benefiting from the growing rehabilitation medical industry [14]. - The company has demonstrated robust revenue and profit growth, with a stable cost control mechanism [68]. - The rehabilitation medical device market in China has significant growth potential due to low intervention rates and increasing demand [59][71]. Summary by Relevant Sections Company Overview - The company has been deeply engaged in the rehabilitation medical device sector for 20 years, establishing itself as one of the few enterprises in China with comprehensive R&D and production capabilities [42][44]. - The company has developed a rich product structure with over 500 proprietary products across 20 series, providing integrated solutions for various medical institutions [44][65]. Financial Performance - From 2017 to 2022, the company's revenue grew from 289 million to 489 million yuan, with a compound annual growth rate (CAGR) of 11.09%. The net profit increased from 64 million to 125 million yuan, with a CAGR of 14.33% [52]. - In 2023, the company reported revenue of 745 million yuan, a year-on-year increase of 52.46%, and a net profit of 230 million yuan, up 82.96% [52][23]. Market Potential - The rehabilitation medical device market in China is expected to reach a scale of 100 billion yuan, driven by increasing demand and supportive policies [71]. - The intervention rates for rehabilitation treatments in various medical fields are low, indicating a substantial market opportunity for growth [71]. Product and R&D Capabilities - The company emphasizes R&D, with a focus on market-driven innovation and a growing number of patents and medical device registrations [22][21]. - The product range includes rehabilitation assessment devices, training devices, and therapeutic devices, catering to a wide array of medical needs [70]. Management and Control - The company's management team has extensive experience in the rehabilitation medical device industry, ensuring stable and strategic growth [36][48].