Investment Rating - Maintains an "Overweight" rating for the company [1][2] Core Views - Performance under pressure in 2023 due to centralized procurement and base effects, but expected to return to normal growth from 2024 onwards [1] - Revenue for 2023 was RMB 13.229 billion, a year-on-year decrease of 3.8%, with net profit attributable to shareholders of RMB 2.002 billion, down 27.6% year-on-year [1] - Operating cash flow for 2023 was approximately RMB 2.8 billion, indicating a healthy cash flow position [1] - Centralized procurement impact is narrowing, and base effects are diminishing, with expectations of a return to normal growth in 2024 [1] - The company continues to expand its product lines and internationalization efforts, with overseas revenue reaching RMB 3.4 billion in 2023, accounting for 26% of total revenue [1] Financial Summary - Revenue for 2023 was RMB 13.229 billion, a decrease of 2.9% year-on-year [4] - Gross profit for 2023 was RMB 6.643 billion [4] - Net profit for 2023 was RMB 2.002 billion, a decrease of 26.5% year-on-year [4] - PE ratio for 2023 was 9.33, with a PB ratio of 0.83 [4] - Forecasted EPS for 2024-2026 is RMB 0.48, RMB 0.53, and RMB 0.58 respectively [1] Business Segments - Medical devices segment revenue grew slightly by 2.6% to RMB 7.0 billion in 2023, with regular product revenue increasing by approximately 10% [1] - Orthopedics segment revenue decreased by 38% to RMB 1.27 billion in 2023, but is expected to stabilize and recover in 2024 [1] - Pharmaceutical packaging segment revenue decreased by 4% to RMB 2.02 billion in 2023 due to high base effects from COVID-19 vaccine packaging orders [1] - Interventional segment revenue increased by 11% to RMB 1.93 billion in 2023, with overseas business maintaining high growth [1] - Blood management segment revenue decreased by 5% to RMB 1.04 billion in 2023 due to the impact of Radisuisse [1] Innovation and Internationalization - R&D expenses in 2023 were RMB 590 million, accounting for 4.5% of revenue, with R&D personnel increasing to 1,370 by the end of 2023 [1] - The company is expanding into new business areas such as life information and support, endocrine chronic disease management, and endoscopic diagnosis and treatment [1] - Overseas revenue in 2023 was RMB 3.4 billion, a 7% increase year-on-year, with high growth in pharmaceutical packaging and blood management businesses [1]
2023年度业绩点评：集采和基数影响下业绩承压