SHINVA(SH:600587) Huachuang Securities·2024-03-31 16:00Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 32 yuan, compared to the current price of 22.86 yuan [12]. Core Views - The company has shown continuous improvement in its product structure and significant growth in international business, with a revenue increase of 7.87% year-on-year to 10.01 billion yuan in 2023 [12]. - The company's focus on its core business has led to a notable optimization of its revenue structure, with medical device revenue growing by 9.15% and pharmaceutical equipment revenue increasing by 26.73% [12]. - The international revenue has surged by 55.36% to 241 million yuan, with a gross margin of 50.94%, significantly higher than domestic margins [12]. - The company's gross margin improved to 27.37%, and the net profit margin increased from 5.42% in 2022 to 6.53% in 2023, indicating enhanced profitability [12]. Financial Summary - In 2023, total revenue was 10,012 million yuan, with a year-on-year growth of 7.9% expected to reach 11,143 million yuan in 2024 [2]. - The net profit attributable to the parent company was 654 million yuan in 2023, reflecting a growth of 30.1%, with projections of 833 million yuan in 2024 [2]. - Earnings per share (EPS) are forecasted to be 1.40 yuan in 2023, increasing to 1.78 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 16 and 13 respectively [2]. - The company’s total assets are projected to grow from 15,590 million yuan in 2023 to 20,677 million yuan by 2026 [15].