各板块齐头并进，海外收入表现亮眼

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5][9] Core Views - The company achieved significant growth in 2023, with operating revenue of 1.65 billion yuan (up 35.71% year-on-year) and net profit attributable to shareholders of 534 million yuan (up 49.13% year-on-year) [6][7] - The company is expected to continue expanding its market share in the high-value consumables sector, particularly in the electrophysiology and peripheral intervention markets, supported by its competitive product offerings [2][9] - The company has a strong pipeline of products, including PFA ablation devices, which are anticipated to drive future growth [2][9] Financial Performance Summary - In 2023, the company reported operating revenue of 1.65 billion yuan, with a year-on-year growth of 35.71% [6] - The net profit attributable to shareholders was 534 million yuan, reflecting a year-on-year increase of 49.13% [6] - The company achieved a net cash flow from operating activities of 689 million yuan, up 87.52% year-on-year [6] - For Q4 2023, the company recorded an operating revenue of 437 million yuan, a year-on-year increase of 32.80% [6] Business Segment Performance - The electrophysiology segment generated revenue of 368 million yuan, growing by 25.51% year-on-year [7] - The coronary access segment achieved revenue of 791 million yuan, with a year-on-year growth of 38.98% [7] - The peripheral intervention segment reported revenue of 256 million yuan, up 40.36% year-on-year [7] - The company has expanded its product offerings in non-vascular intervention, enhancing its overall product portfolio [9] Market Outlook - The company is well-positioned to benefit from the normalization of centralized procurement for high-value consumables, which is expected to solidify its leading market position [2][9] - The international market has shown strong growth, particularly in regions like the Middle East and Africa, where revenue increased by over 100% year-on-year [7] - The company is focusing on enhancing its research and development capabilities, with R&D expenses amounting to 238 million yuan in 2023, representing 14.42% of its operating revenue [9]