2023年业绩点评：集采下业绩承压，看好公司平台化发展

Investment Rating - The report maintains a "Buy" rating for the company [13] Core Views - The company's revenue in 2023 was RMB 1.284 billion, a decrease of 37.63% YoY, with net profit attributable to the parent company of RMB 112.32 million, a decrease of 81.30% YoY [1] - The company's performance was below expectations due to the impact of centralized procurement and industry challenges [1] - The company has made significant progress in R&D, with breakthroughs in new materials and product lines, including sports medicine, bone repair materials, and neurosurgery [2] - The company achieved full-line bidding success in centralized procurement for trauma products and sports medicine products, which is expected to boost domestic market share [2] Financial Performance - The company's sales expenses decreased by 21.10% to RMB 561 million, while R&D expenses increased by 10.66% to RMB 130 million [2] - The sales expense ratio was 43.69%, and the R&D expense ratio was 10.14% [2] - The company's gross margin in 2023 was 66.52%, with a net profit margin attributable to the parent company of 8.75% [14] - The company's revenue is expected to grow by 15.57% in 2024, 15.88% in 2025, and 20.80% in 2026 [13] Product and Market Development - The company has optimized its product structure and expanded into new areas such as neurosurgery, orthopedic rehabilitation, minimally invasive orthopedics, and digital orthopedics [2] - The company has achieved breakthroughs in the development of new orthopedic materials, including bone cement, joint ceramics, enhanced PEEK, and tantalum metal [2] - The company has made significant progress in the clinical application of PRP products in the field of tissue repair [2] Valuation and Forecast - The company's 2024-2025 net profit attributable to the parent company is revised downward to RMB 269.32 million and RMB 350.52 million, respectively, with a 2026 forecast of RMB 414.72 million [3] - The corresponding PE ratios for 2024-2026 are 38X, 29X, and 25X, respectively [3] - The company's EPS for 2024-2026 is forecasted to be RMB 0.67, RMB 0.88, and RMB 1.04, respectively [13]