HAIER BIOMEDICAL(SH:688139) Southwest Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy," indicating an expected stock price increase of over 20% relative to the market index over the next six months [2]. Core Views - The report highlights that Haier Biomedical (688139) faced performance pressure in 2023, with revenue of 2.28 billion yuan, a decrease of 20.4%, and a net profit of 406 million yuan, down 32.4%. The company is focusing on R&D investments to support new industry layouts [7][15]. - The report emphasizes the company's strategic shift towards non-storage new businesses, which accounted for 38% of revenue in 2023, growing over 30% year-on-year. This segment is expected to maintain a compound annual growth rate (CAGR) of over 30% from 2024 to 2026 [15][21]. - The company is deepening its global market presence, establishing over 800 overseas distribution networks and maintaining long-term partnerships with international organizations like WHO and UNICEF [15][21]. Financial Summary - In 2023, the company reported a revenue of 2,280.90 million yuan, with a projected revenue increase to 2,672.52 million yuan in 2024, representing a growth rate of 17.17% [16]. - The net profit for 2023 was 406.07 million yuan, with expectations of a slight increase to 444.74 million yuan in 2024, reflecting a growth rate of 9.52% [16]. - The report forecasts a compound annual growth rate for net profit of 15.5% from 2024 to 2026, driven by steady growth and anticipated acquisitions [15][21]. Business Segmentation - The report segments the company's revenue into three main categories: Life Sciences, Medical Innovation, and Other Businesses. Life Sciences is expected to see a revenue growth of 16% in 2024, while Medical Innovation is projected to grow by 18% [21][22]. - The gross margin for the overall business is expected to remain stable at around 50.6% in 2024, with specific margins for Life Sciences and Medical Innovation at 55% and 46.8%, respectively [22]. Market Positioning - The company is positioned favorably within the industry, with comparable companies such as Mindray Medical, Jianhui Information, and Dongfulong showing similar business characteristics. The report suggests that Haier Biomedical's future growth prospects warrant continued attention [24].