主动脉、外周等介入业务持续亮眼，6款创新产品有望率先收获

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 174.55 CNY [1]. Core Insights - The company has announced a 2.5 billion CNY refinancing project, which is expected to enhance its comprehensive competitiveness in vascular intervention [1]. - In 2023, the company achieved a revenue of 1.187 billion CNY, representing a year-on-year growth of 32.43%, and a net profit attributable to shareholders of 492 million CNY, up 37.98% year-on-year [11][33]. - The company is focusing on market penetration strategies in lower-tier cities, which has resulted in significant revenue growth in its aortic and peripheral intervention businesses [26]. Financial Performance Summary - The company reported a revenue of 1.187 billion CNY in 2023, with a year-on-year growth of 32.43% [11][33]. - The net profit attributable to shareholders for 2023 was 492 million CNY, reflecting a year-on-year increase of 37.98% [11][33]. - The gross margin for 2023 was 76.45%, an increase of 1.27 percentage points year-on-year, while the net margin was 41.04%, up 1.77 percentage points year-on-year [35]. Business Segment Performance - The aortic intervention segment generated 940 million CNY in revenue in 2023, a growth of 28.07% year-on-year [26]. - The peripheral intervention segment achieved revenue of 115 million CNY, marking a 49.30% increase year-on-year [26]. - The intraoperative stent business reported revenue of 132 million CNY, with a year-on-year growth of 54.59% [26]. International Expansion - The company has accelerated its international strategy, with six products entering the registration phase and overseas revenue reaching 82 million CNY, a year-on-year increase of 56.19% [40]. - The company has expanded its market presence to 31 countries, with its U.S. subsidiary officially operational [40]. Profit Forecast and Investment Recommendations - The revenue forecast for 2024-2026 is projected at 1.51 billion CNY, 1.92 billion CNY, and 2.42 billion CNY, with respective year-on-year growth rates of 27%, 27%, and 26% [11][30]. - The net profit forecast for the same period is expected to be 655 million CNY, 835 million CNY, and 1.051 billion CNY, with growth rates of 33%, 27%, and 26% [11][30]. - The current stock price corresponds to P/E ratios of 22, 17, and 14 for 2024-2026, indicating a strong competitive advantage in the vascular intervention market [11].