2023年业绩短期承压，海外市场增长亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.21 billion yuan in 2023, a year-on-year increase of 0.6%, with a net profit attributable to shareholders of 280 million yuan, down 9.7% year-on-year [12] - The overseas market showed significant growth, with revenue reaching 198 million yuan in 2023, representing a year-on-year increase of 81.7%, and overseas revenue now accounts for 16.41% of total revenue [9][10] - The company has established a broad sales network in over 50 countries and regions, maintaining its position as the leading exporter of joint products in China [10] Summary by Sections Financial Performance - In 2023, the company achieved a gross profit margin of 72.5%, down 3.55 percentage points from the previous year, and a net profit margin of 23% [12] - The fourth quarter of 2023 saw a revenue of 420 million yuan, a decrease of 5.7% year-on-year, with a net profit of 97 million yuan, down 0.83% year-on-year [12] Product Performance - The joint prosthesis segment generated revenue of 1.101 billion yuan in 2023, a growth of 5.26% year-on-year, with sales volume increasing by 3% to approximately 1.13 million units [13] - The company expects its knee joint products to be included in the national procurement list in 2024, which could restore market share to pre-procurement levels [13] Future Outlook - Revenue projections for 2024-2026 are 1.505 billion yuan, 1.870 billion yuan, and 2.286 billion yuan, with growth rates of 24.6%, 24.2%, and 22.2% respectively [17] - The net profit attributable to shareholders is expected to reach 344 million yuan, 442 million yuan, and 537 million yuan for the same period, with growth rates of 23.8%, 28.5%, and 21.5% respectively [17]