HAIER BIOMEDICAL(688139) 东海证券·2024-03-28 16:00Investment Rating - Buy (Maintained) [1] Core Views - The company's core business remains stable, with new business opening up growth opportunities [3][7] - The company's 2023 revenue was 2.281 billion yuan, a year-on-year decrease of 20.36%, mainly due to the high base of public health epidemic prevention business in the same period last year and the impact of the macro environment [7] - The company's non-storage new industry revenue accounted for 38% of total revenue in 2023, a year-on-year increase of over 30% [7] - The company has launched a new equity incentive plan, demonstrating confidence in future development [8] Business Development - Life Science Segment: Achieved revenue of 1.031 billion yuan in 2023, with core business revenue decreasing by 6% year-on-year after excluding public health epidemic prevention business [4] - New products such as automated sample management, biological culture, and centrifugal preparation have accelerated growth [4] - Launched new products for pharmaceutical users, including intelligent automated cell preparation solutions for CGT, sterile inspection solutions, and controlled freeze-thaw systems [4] - Introduced new products for research and university users, including a new generation of -196°C intelligent liquid nitrogen biological sample storage system, fully automatic batch lid openers, and transfer robots [4] - Medical Innovation Segment: Achieved revenue of 1.241 billion yuan in 2023, with core business revenue increasing by 6% year-on-year after excluding public health epidemic prevention business [4] - The company actively participated in new medical infrastructure construction, with solutions newly entering over 80 hospitals in 2023 [4] - The company has established regional networks in Nanjing and other areas, with over 5,000 intelligent vaccination points [4] - The company is accelerating the promotion of blood donation houses and automated blood stations, with smart blood city networks landing in Qinghai and Ordos [4] Global Business Expansion - Domestic Market: Achieved revenue of 1.489 billion yuan in 2023, with core business revenue increasing by 4% year-on-year [21] - The proportion of new users in the domestic market exceeded 30% in 2023 [21] - The number of users using multiple business line products increased by over 40%, further amplifying single-user value [21] - Overseas Market: Achieved revenue of 783 million yuan in 2023, a year-on-year decrease of 6% [21] - The overseas distribution network added nearly 170 new dealers and entered 7 new countries, expanding user coverage in Eastern Europe and Africa [21] - The UK subsidiary has deepened its local market presence and expanded its global influence, with new layouts in the Netherlands and the US [21] Financial Forecast - Revenue Forecast: Expected to be 2.795 billion yuan, 3.366 billion yuan, and 3.985 billion yuan for 2024, 2025, and 2026, respectively [5] - Net Profit Forecast: Expected to be 491 million yuan, 600 million yuan, and 719 million yuan for 2024, 2025, and 2026, respectively [5] - EPS Forecast: Expected to be 1.54 yuan, 1.89 yuan, and 2.26 yuan for 2024, 2025, and 2026, respectively [5] - PE Ratio Forecast: Expected to be 18.28x, 14.95x, and 12.47x for 2024, 2025, and 2026, respectively [5] Equity Incentive Plan - The company plans to grant a total of 3.42 million restricted shares, accounting for 1.076% of the total share capital [8] - The performance assessment period is from 2024 to 2026, with revenue growth targets of 15%, 32%, and 52% for 2024, 2025, and 2026, respectively [8] - The target revenue growth rates are 30%, 69%, and 120% for 2024, 2025, and 2026, respectively [8]