SHINVA(SH:600587) EBSCN·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [14]. Core Views - The company reported a total revenue of 10.01 billion yuan in 2023, representing a year-on-year growth of 7.87%, and a net profit attributable to shareholders of 654 million yuan, which is a 30.78% increase year-on-year [1][2]. - The company has seen a continuous optimization of its revenue structure, with a significant increase in international sales, which reached 241 million yuan, up 55.36% year-on-year [3]. - The company is focusing on R&D investments, with 443 million yuan spent in 2023, reflecting a 0.49% increase year-on-year, and is advancing several key projects in medical equipment [3][13]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 10.01 billion yuan, with a net profit of 654 million yuan and a non-recurring net profit of 619 million yuan, marking increases of 30.78% and 23.20% respectively [1][2]. - The fourth quarter of 2023 saw a revenue of 2.695 billion yuan, a 2.42% increase year-on-year, but a decline in net profit to 75 million yuan, down 5.99% year-on-year, primarily due to asset impairment losses [2]. Revenue Structure - The company’s revenue from medical device manufacturing was 4.167 billion yuan, up 9.15% year-on-year, with a gross margin of 40.82% [13]. - The pharmaceutical equipment segment generated 1.923 billion yuan, reflecting a 26.73% increase year-on-year [13]. R&D and International Expansion - The company continues to invest in R&D, with a focus on innovative products such as the dual-mode high-speed continuous BFS products launched in September 2023 [3]. - The international business is growing rapidly, contributing 2.41% to total revenue with a gross margin of 50.94% [3]. Profitability and Valuation - The report projects a slight decrease in the 2024 net profit forecast to 816 million yuan, while increasing the 2025 forecast to 1.002 billion yuan [14]. - The current price corresponds to a price-to-earnings ratio (P/E) of 16 for 2023, with projections of 13 and 11 for 2024 and 2025 respectively [14].