ZHBIO(SZ:300653) Soochow Securities·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In 2023, the company achieved revenue of 413.65 million yuan, a decrease of 4.52% year-on-year, and a net profit attributable to shareholders of 190.96 million yuan, an increase of 2.98% year-on-year, which was below expectations [2] - The company's brain membrane products showed steady growth, with revenue reaching 165 million yuan, an increase of 5.87% year-on-year, and successful participation in centralized procurement in multiple provinces [2][3] - The active biological bone product has completed production verification and is expected to contribute to revenue growth in 2024, with over two-thirds of provinces having completed the registration process [3] - The oral repair membrane and bone repair materials are anticipated to accelerate sales due to the implementation of centralized procurement policies in the dental implant sector, despite a decline in revenue for these products in 2023 [4] - The profit forecast for 2024-2025 has been adjusted, with net profit estimates of 226.31 million yuan and 274.62 million yuan respectively, corresponding to a P/E ratio of 19 and 16 times [4] Financial Summary - Total revenue is projected to increase from 413.65 million yuan in 2023 to 490.90 million yuan in 2024, with a year-on-year growth rate of 18.67% [1][4] - Net profit attributable to shareholders is expected to grow from 190.96 million yuan in 2023 to 226.31 million yuan in 2024, reflecting an 18.51% increase [1][4] - The latest diluted EPS is forecasted to rise from 1.06 yuan in 2023 to 1.26 yuan in 2024 [1][4]