业绩符合预期，中高端机型设备持续发力

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 73.94 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [2][3]. Core Insights - The company's 2023 performance met expectations, with total revenue of 678 million CNY, a year-over-year increase of 52.29%, and a net profit attributable to shareholders of 58 million CNY, reflecting a significant year-over-year growth of 167.04% [1][3]. - The gross margin improved to 73.83%, up by 4.1 percentage points year-over-year, driven by enhanced domestic marketing efforts, product diversification, increased clinical promotion, and improved channel construction [1]. - Sales expenses increased, with a sales expense ratio of 34.27%, up by 4.67 percentage points year-over-year, primarily due to rising employee compensation and travel expenses [1]. Financial Summary - Revenue projections for 2024-2026 are 991 million CNY, 1.427 billion CNY, and 2.075 billion CNY, representing growth rates of 46.1%, 44%, and 45.4% respectively [3][39]. - Expected net profits for the same period are 122 million CNY, 185 million CNY, and 277 million CNY, with growth rates of 111%, 51.9%, and 49.3% respectively [3][39]. - Earnings per share (EPS) are forecasted to be 0.91 CNY, 1.38 CNY, and 2.07 CNY for 2024, 2025, and 2026 respectively [3][39].