SHINVA(600587) 国盛证券·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company [11][22]. Core Views - The company's revenue growth in 2023 met expectations, with total revenue reaching 10.01 billion yuan, a year-on-year increase of 7.87%. The net profit attributable to shareholders was 654 million yuan, up 30.78% year-on-year [1][11]. - The decline in profit in Q4 2023 was attributed to asset impairment losses, which amounted to 32.54 million yuan, and credit impairment losses of 74.61 million yuan. Excluding these losses, the adjusted net profit for Q4 was 182 million yuan, reflecting a year-on-year growth of 30.32% [1][11]. - The company is experiencing a shift in revenue structure, with a higher proportion of high-margin manufacturing products. Revenue from medical device products reached 4.15 billion yuan, a year-on-year increase of 9.15% [1][11]. - The international business is showing significant growth, with self-operated international revenue reaching 241 million yuan, a year-on-year increase of 55.36%, and an international gross margin of 50.94% [1][11]. Financial Performance Summary - In 2023, the company achieved total revenue of 10.01 billion yuan, with a projected revenue growth of 10.8% in 2024, 10.7% in 2025, and 10.2% in 2026 [3][11]. - The net profit attributable to shareholders is expected to grow to 817 million yuan in 2024, 1.009 billion yuan in 2025, and 1.232 billion yuan in 2026, with respective growth rates of 24.9%, 23.5%, and 22.1% [3][11]. - The company's earnings per share (EPS) for 2023 was 1.40 yuan, with projections of 1.75 yuan in 2024, 2.16 yuan in 2025, and 2.64 yuan in 2026 [3][11]. Dividend Policy - The company plans to distribute a cash dividend of 5 yuan for every 10 shares, totaling 233 million yuan, resulting in a dividend payout ratio of 35.68% [1][11].