AUTEK(SZ:300595) Xinda Securities·2024-03-30 16:00Investment Rating - The investment rating for the company is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The company reported a revenue of 1.737 billion yuan in 2023, representing a year-on-year increase of 13.89%. The net profit attributable to the parent company was 667 million yuan, up 6.85% year-on-year, and the net profit after deducting non-recurring items was 572 million yuan, an increase of 2.27% year-on-year. In Q4 2023, the revenue reached 418 million yuan, a year-on-year increase of 32.92%, with a net profit of 129 million yuan, up 8.49% year-on-year [1]. Summary by Sections Revenue Performance - The company experienced a decline in revenue growth due to weakened consumer spending in the second half of 2023 and increased competition from products like defocused lenses. The revenue from hard lenses was 817 million yuan, a year-on-year increase of 7.06%, with a gross margin of 89.2%, down 0.42 percentage points year-on-year. In Q4 2023, the revenue from hard contact lenses was 141 million yuan, up 21.54% year-on-year [1]. Product Segments - Revenue from nursing products decreased by 12.02% year-on-year to 262 million yuan, with a gross margin of 57.33%, up 1.85 percentage points year-on-year. In Q4 2023, revenue from nursing products was 76 million yuan, down 8.97% year-on-year. Revenue from ordinary frames and other products increased significantly by 70.47% year-on-year to 345 million yuan, with Q4 revenue reaching 108 million yuan, up 120.37% year-on-year, mainly driven by sales from newly consolidated subsidiaries [1]. Terminal Growth - The company's medical services generated revenue of 302 million yuan in 2023, a year-on-year increase of 19.48%, with a gross margin of 71.32%, down 0.13 percentage points year-on-year. In Q4 2023, revenue from medical services was 87 million yuan, up 41.25% year-on-year. The number of controlled terminals increased by over 90, totaling more than 400 [1]. Channel Performance - The company's distribution business achieved revenue of 644 million yuan, a year-on-year increase of 18.24%. Direct sales to non-controlled terminals generated revenue of 245 million yuan, down 4.69% year-on-year. Total terminal revenue was 848 million yuan, up 17.22% year-on-year. In Q4, the distribution business revenue was 158 million yuan, up 36.90%, while direct sales revenue was 46 million yuan, up 14.61% [1]. Profitability - The overall gross margin for 2023 was 74.78%, down 2.11 percentage points, primarily due to the impact of consolidated subsidiaries in medical equipment and consumables sales. The management expense ratio was 6.79%, down 1.49 percentage points, while the financial expense ratio was -0.07%, up 0.39 percentage points. The net profit margin was 41.96%, down 3.71 percentage points [1]. Future Projections - The company is expected to achieve net profits attributable to the parent company of 737 million yuan, 819 million yuan, and 915 million yuan for 2024, 2025, and 2026, respectively [2].