新产品入院推广迅速，研发管线推进顺利

Investment Rating - The report maintains a "Buy" rating for the company [3][25]. Core Insights - The company has rapidly promoted new products and advanced its R&D pipeline, leading to significant revenue and profit growth in 2023 [4][5]. - The company achieved a revenue of 1.187 billion RMB in 2023, a year-on-year increase of 32%, and a net profit of 492 million RMB, up 38% year-on-year [5]. - The company is expanding its international business, with revenue from overseas operations reaching 82 million RMB, a 56% increase year-on-year, and currently selling in 31 countries [6][13]. Summary by Sections Performance Overview - In Q4 2023, the company reported a revenue of 299 million RMB, a 29% increase year-on-year, and a net profit of 104 million RMB, up 86% year-on-year [5]. - The company’s core business segments showed strong growth, with a 28% increase in aortic stent revenue (940 million RMB), a 55% increase in intraoperative stent revenue (132 million RMB), and a 49% increase in peripheral and other business revenue (115 million RMB) [6][13]. Profitability and R&D - The overall gross margin for 2023 was 76.5%, an increase of 1.3 percentage points, while the net margin reached 41.0%, up 1.8 percentage points [18]. - R&D investment totaled 260 million RMB, a 51.2% increase year-on-year, accounting for 21.9% of revenue [18]. Cash Flow and Dividend Policy - The company generated a net operating cash flow of 558 million RMB in 2023, a 67.3% increase year-on-year [27]. - A dividend distribution plan was announced, with a total cash dividend of 248 million RMB, representing 50.4% of the net profit for the year [27]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 639 million RMB, 816 million RMB, and 1.066 billion RMB for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 30%, 28%, and 31% [6][10].