2023Q4收入加速增长24.39%，医疗影像新品储备多

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [10]. Core Insights - The company achieved a revenue of 2.425 billion yuan in 2023, representing a year-on-year growth of 14.55%. The net profit attributable to shareholders was 745 million yuan, with a growth of 2.02% year-on-year [1]. - In Q4 2023, the company reported a revenue of 768 million yuan, a significant increase of 24.39% year-on-year, although slightly below market expectations [1][15]. - The company continues to lead in the dental imaging sector, with a focus on technological innovation and market expansion, including overseas markets [16]. Revenue and Profitability Analysis - The company's sales gross margin for 2023 was 51.49%, a decrease of 1.48 percentage points year-on-year, while the net profit margin was 30.71%, down 3.77 percentage points year-on-year [4]. - The company has maintained a strong operating capability, with inventory turnover days at 135.61 days, a decrease of 13.62 days year-on-year, and accounts receivable turnover days at 68.45 days, an increase of 21.66 days year-on-year [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 2.815 billion yuan, 3.252 billion yuan, and 3.684 billion yuan, respectively, with expected year-on-year growth rates of 16%, 16%, and 13% [15]. - Net profit projections for the same years are 897 million yuan, 1.038 billion yuan, and 1.206 billion yuan, with expected growth rates of 20%, 16%, and 16% [15]. Product Development and Market Expansion - The company is actively expanding its product line, with new products in various medical fields, including spinal surgery navigation equipment and mobile CT devices, enhancing its competitive edge in high-end medical imaging [16]. - The dental imaging segment continues to show growth potential, with the company capturing a significant market share in the domestic CBCT market [16].