Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 5.89 per share, compared to the current price of HKD 4.92 [3][13]. Core Views - The company's performance in 2023 met expectations, with total revenue of RMB 1.094 billion (YOY +4%) and a net profit of RMB 182 million (YOY -11.1%). The decline in net profit is attributed to increased R&D and market expansion expenses [2][8]. - The company has improved its market share in key segments, achieving over 20% market share in the joint implant market in Beijing and expanding its presence in Southeast Asia [2][8]. - The overall expense ratio has increased, with R&D expenses at 13% (YOY +2pp), management expenses at 12% (YOY +1pp), and sales expenses at 20% (YOY +3pp) [2][8]. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are RMB 1.421 billion, RMB 1.864 billion, and RMB 2.464 billion, respectively, with corresponding EPS of RMB 0.22, RMB 0.29, and RMB 0.42 [2][13]. - The expected growth rates for revenue are 30%, 31.1%, and 32.2% for the years 2024, 2025, and 2026, respectively [8][13]. - The report anticipates a PE ratio of 25X for 2024, reflecting the company's growth potential and comparable company valuations [12][13].
公司业绩符合预期，看好后续关节集采